Trinity Financial Advisors LLC Sells 6,282 Shares of Corning Incorporated (NYSE:GLW)

Trinity Financial Advisors LLC trimmed its position in Corning Incorporated (NYSE:GLW) by 83.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 1,218 shares of the electronics maker’s stock after selling 6,282 shares during the period. Trinity Financial Advisors LLC’s holdings in Corning were worth $56,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after buying an additional 916,528 shares during the period. Geode Capital Management LLC grew its holdings in Corning by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after purchasing an additional 533,686 shares during the period. Northern Trust Corp increased its stake in shares of Corning by 2.0% during the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock valued at $516,560,000 after purchasing an additional 208,826 shares in the last quarter. Norges Bank purchased a new position in shares of Corning during the fourth quarter valued at approximately $490,933,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Corning by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock worth $465,723,000 after purchasing an additional 78,497 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other news, SVP Stefan Becker sold 17,106 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the transaction, the senior vice president now owns 16,117 shares in the company, valued at $800,692.56. This represents a 51.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Soumya Seetharam sold 14,313 shares of the firm’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the completion of the transaction, the senior vice president now directly owns 31,505 shares in the company, valued at approximately $1,575,565.05. The trade was a 31.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock worth $3,632,635 in the last ninety days. Insiders own 0.40% of the company’s stock.

Corning Price Performance

GLW opened at $50.61 on Wednesday. The company’s 50-day simple moving average is $45.53 and its two-hundred day simple moving average is $47.72. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock has a market capitalization of $43.35 billion, a P/E ratio of 87.26, a P/E/G ratio of 1.50 and a beta of 1.11. Corning Incorporated has a 52-week low of $36.61 and a 52-week high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings data 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. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company 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 of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.21%. Corning’s payout ratio is 215.38%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GLW shares. Mizuho set a $52.00 price objective on Corning in a research report on Tuesday, April 15th. Oppenheimer reduced their price target on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. cut their price objective on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Finally, Wall Street Zen cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target of $53.08.

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.