CWA Asset Management Group LLC Lowers Holdings in Corning Incorporated (NYSE:GLW)

CWA Asset Management Group LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 7.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 110,295 shares of the electronics maker’s stock after selling 8,797 shares during the quarter. CWA Asset Management Group LLC’s holdings in Corning were worth $5,049,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Sierra Ocean LLC purchased a new stake in Corning in the 4th quarter valued at about $25,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Corning during the fourth quarter valued at about $29,000. Putney Financial Group LLC purchased a new stake in shares of Corning in the 4th quarter valued at approximately $30,000. Mainstream Capital Management LLC acquired a new position in shares of Corning in the 4th quarter worth approximately $35,000. Finally, JFS Wealth Advisors LLC increased its holdings in Corning by 171.8% in the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock valued at $38,000 after purchasing an additional 512 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on GLW shares. JPMorgan Chase & Co. lowered their price target on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Bank of America lifted their target price on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. Oppenheimer reduced their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Citigroup dropped their price objective on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.75.

Insider Activity

In related news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Soumya Seetharam sold 6,505 shares of the company’s 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 transaction, the senior vice president now owns 25,000 shares of the company’s stock, valued at approximately $1,250,250. The trade was a 20.65% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,796 shares of company stock valued at $3,632,635. Insiders own 0.32% of the company’s stock.

Corning Price Performance

Corning stock opened at $50.48 on Wednesday. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $55.33. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a market cap of $43.23 billion, a P/E ratio of 97.08, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The company has a fifty day simple moving average of $46.57 and a 200-day simple moving average of $47.79.

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, topping the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the previous year, the firm earned $0.38 EPS. The company’s revenue was up 12.9% compared to the same quarter last year. Equities analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s payout ratio is currently 215.38%.

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.