Grimes & Company Inc. Has $227,000 Holdings in Corning Incorporated (NYSE:GLW)

Grimes & Company Inc. cut its stake in Corning Incorporated (NYSE:GLW) by 17.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,948 shares of the electronics maker’s stock after selling 1,029 shares during the period. Grimes & Company Inc.’s holdings in Corning were worth $227,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. QRG Capital Management Inc. raised its holdings in shares of Corning by 10.1% in the 1st quarter. QRG Capital Management Inc. now owns 42,312 shares of the electronics maker’s stock worth $1,937,000 after buying an additional 3,883 shares in the last quarter. Sagespring Wealth Partners LLC raised its holdings in shares of Corning by 11.8% in the 1st quarter. Sagespring Wealth Partners LLC now owns 11,367 shares of the electronics maker’s stock worth $520,000 after buying an additional 1,196 shares in the last quarter. Sowell Financial Services LLC acquired a new position in shares of Corning in the 1st quarter worth approximately $418,000. Janney Montgomery Scott LLC raised its holdings in shares of Corning by 7.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 447,924 shares of the electronics maker’s stock worth $20,506,000 after buying an additional 30,293 shares in the last quarter. Finally, Hanson & Doremus Investment Management raised its holdings in shares of Corning by 7.5% in the 1st quarter. Hanson & Doremus Investment Management now owns 155,747 shares of the electronics maker’s stock worth $7,130,000 after buying an additional 10,813 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Corning

In other news, VP John Z. Zhang sold 8,000 shares of the firm’s 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 transaction, the vice president now directly owns 9,610 shares in the company, valued at $450,805.10. This trade represents a 45.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Stefan Becker sold 17,106 shares of the firm’s stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock worth $3,632,635 in the last three months. Insiders own 0.40% of the company’s stock.

Corning Stock Down 0.1%

NYSE GLW opened at $50.43 on Thursday. The stock has a fifty day moving average of $46.71 and a 200-day moving average of $47.81. The stock has a market capitalization of $43.19 billion, a P/E ratio of 96.98, a price-to-earnings-growth ratio of 1.36 and a beta of 1.11. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69.

Corning (NYSE:GLW) last released its earnings results 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 company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the firm earned $0.38 EPS. On average, equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Citigroup dropped their price target on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. dropped their price target on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Finally, Oppenheimer dropped 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. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $53.75.

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.