Corning Incorporated (NYSE:GLW) Shares Sold by Chelsea Counsel Co.

Chelsea Counsel Co. cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.4% in the 4th quarter, Holdings Channel reports. The fund owned 72,271 shares of the electronics maker’s stock after selling 1,035 shares during the period. Corning accounts for about 1.8% of Chelsea Counsel Co.’s investment portfolio, making the stock its 13th biggest position. Chelsea Counsel Co.’s holdings in Corning were worth $3,434,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Sound Income Strategies LLC lifted its position in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new position in shares of Corning during the fourth quarter worth about $25,000. Asset Planning Inc bought a new position in shares of Corning during the fourth quarter worth about $29,000. Vermillion Wealth Management Inc. bought a new position in shares of Corning during the fourth quarter worth about $29,000. Finally, Putney Financial Group LLC bought a new position in shares of Corning during the fourth quarter worth about $30,000. Institutional investors own 69.80% of the company’s stock.

Insider Activity

In related news, VP John Z. Zhang sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the transaction, the vice president now owns 9,610 shares in the company, valued at $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

GLW opened at $48.38 on Monday. The business’s 50 day moving average is $44.78 and its 200-day moving average is $47.51. The stock has a market cap of $41.44 billion, a PE ratio of 83.42, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $35.40 and a twelve month high of $55.33.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 earnings per share. On average, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. Corning’s dividend payout ratio (DPR) is presently 215.38%.

Analyst Ratings Changes

A number of equities analysts have issued reports on GLW shares. Mizuho set a $52.00 target price on shares of Corning in a report on Tuesday, April 15th. Oppenheimer cut their target price on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Bank of America raised their target price on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, Citigroup cut their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.08.

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.