Parkside Investments LLC Cuts Stock Holdings in Corning Incorporated (NYSE:GLW)

Parkside Investments LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 15.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 121,322 shares of the electronics maker’s stock after selling 22,173 shares during the period. Parkside Investments LLC’s holdings in Corning were worth $5,554,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Sierra Ocean LLC bought a new position in Corning during the 4th quarter worth approximately $25,000. Asset Planning Inc purchased a new position in shares of Corning in the fourth quarter worth $29,000. Vermillion Wealth Management Inc. bought a new stake in Corning during the 4th quarter valued at $29,000. Putney Financial Group LLC purchased a new stake in Corning during the 4th quarter valued at $30,000. Finally, Mainstream Capital Management LLC bought a new stake in Corning in the 4th quarter worth $35,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Citigroup lowered their price target on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Bank of America lifted their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Oppenheimer reduced their target price on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Finally, Mizuho set a $52.00 target price on Corning in a report on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.08.

Corning Trading Up 0.7%

GLW opened at $50.80 on Friday. The stock has a market cap of $43.51 billion, a PE ratio of 87.59, a PEG ratio of 1.50 and a beta of 1.11. The business has a 50 day moving average of $45.98 and a 200-day moving average of $47.76. Corning Incorporated has a 52 week low of $37.05 and a 52 week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.38 earnings per share. Equities research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.20%. The ex-dividend date is Friday, May 30th. Corning’s payout ratio is currently 215.38%.

Insiders Place Their Bets

In other Corning news, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total transaction of $325,315.05. Following the completion of the transaction, the senior vice president now owns 25,000 shares in the company, valued at approximately $1,250,250. The trade was a 20.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the sale, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is currently owned by company insiders.

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.