Aaron Wealth Advisors LLC Decreases Stock Holdings in Corning Incorporated (NYSE:GLW)

Aaron Wealth Advisors LLC lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 49.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 10,496 shares of the electronics maker’s stock after selling 10,371 shares during the period. Aaron Wealth Advisors LLC’s holdings in Corning were worth $320,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Natixis Advisors L.P. raised its holdings in Corning by 5.9% during the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after buying an additional 5,616 shares during the period. KMG Fiduciary Partners LLC purchased a new stake in Corning in the fourth quarter valued at about $1,199,000. HB Wealth Management LLC raised its stake in Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after buying an additional 1,926 shares during the last quarter. SG Americas Securities LLC raised its stake in Corning by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after buying an additional 40,564 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Corning by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after purchasing an additional 490,638 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.45% of the company’s stock.

Corning Trading Up 0.4 %

Shares of Corning stock opened at $32.09 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The stock’s 50 day simple moving average is $32.41 and its 200-day simple moving average is $30.34. The stock has a market cap of $27.45 billion, a P/E ratio of 47.67, a P/E/G ratio of 1.83 and a beta of 1.08. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the previous year, the company posted $0.47 earnings per share. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. Analysts predict that Corning Incorporated will post 1.86 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.49%. Corning’s dividend payout ratio (DPR) is 167.16%.

Wall Street Analysts Forecast Growth

GLW has been the topic of several analyst reports. Susquehanna reaffirmed a “positive” rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. Barclays raised their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a report on Thursday, February 1st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. raised their price objective on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $34.56.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.