Corning Incorporated (NYSE:GLW) Shares Sold by Archer Investment Corp

Archer Investment Corp lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 8.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,561 shares of the electronics maker’s stock after selling 500 shares during the quarter. Archer Investment Corp’s holdings in Corning were worth $169,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Natixis Advisors L.P. increased its position in Corning by 5.9% during the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after purchasing an additional 5,616 shares in the last quarter. KMG Fiduciary Partners LLC acquired a new stake in Corning in the fourth quarter valued at approximately $1,199,000. HB Wealth Management LLC grew its position 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 acquiring an additional 1,926 shares in the last quarter. SG Americas Securities LLC grew its position 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 acquiring an additional 40,564 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in 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 valued at $240,199,000 after acquiring an additional 490,638 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the subject of several recent research reports. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. UBS Group increased their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Barclays increased their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. increased their target price on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Finally, HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research note on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $34.56.

Insider Buying and Selling at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s 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 transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.40% of the stock is currently owned by company insiders.

Corning Stock Performance

GLW stock opened at $30.98 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The stock has a market capitalization of $26.50 billion, a price-to-earnings ratio of 46.24, a PEG ratio of 1.75 and a beta of 1.08. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The stock’s fifty day moving average is $32.35 and its two-hundred day moving average is $30.38.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same period last year, the business posted $0.47 earnings per share. On average, research analysts predict that Corning Incorporated will post 1.87 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is 167.16%.

About Corning

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.