Vestmark Advisory Solutions Inc. Sells 5,269 Shares of Corning Incorporated (NYSE:GLW)

Vestmark Advisory Solutions Inc. trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 15.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,175 shares of the electronics maker’s stock after selling 5,269 shares during the quarter. Vestmark Advisory Solutions Inc.’s holdings in Corning were worth $858,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Natixis Advisors L.P. lifted its position in shares of Corning by 5.9% during the third 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 during the last quarter. KMG Fiduciary Partners LLC bought a new stake in shares of Corning during the fourth quarter worth $1,199,000. Socha Financial Group LLC lifted its position in shares of Corning by 8.8% during the fourth quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock worth $10,463,000 after purchasing an additional 27,772 shares during the last quarter. HB Wealth Management LLC increased its stake in shares of Corning by 24.2% during 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 period. Finally, SG Americas Securities LLC increased its stake in shares of Corning by 59.8% during 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 period. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related 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 value of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold 119,988 shares of company stock worth $3,984,964 in the last quarter. Corporate insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GLW. Barclays raised their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a research note on Thursday, February 1st. UBS Group boosted their price target on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. lifted their target price on Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Corning currently has an average rating of “Hold” and an average target price of $34.89.

Corning Stock Performance

NYSE:GLW traded down $0.34 during trading hours on Monday, reaching $33.38. The company had a trading volume of 670,041 shares, compared to its average volume of 4,797,213. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The firm has a market cap of $28.59 billion, a PE ratio of 47.49, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07. The business’s 50 day moving average price is $32.36 and its 200-day moving average price is $30.65. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the company posted $0.41 EPS. The business’s quarterly revenue was down 11.5% on a year-over-year basis. Research analysts forecast that Corning Incorporated will post 1.9 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.36%. Corning’s dividend payout ratio (DPR) is 157.75%.

Corning Company 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.