Valueworks LLC Sells 20,257 Shares of Corning Incorporated (NYSE:GLW)

Valueworks LLC reduced its stake in Corning Incorporated (NYSE:GLW) by 15.4% during the 4th quarter, HoldingsChannel reports. The firm owned 111,172 shares of the electronics maker’s stock after selling 20,257 shares during the quarter. Corning makes up approximately 1.8% of Valueworks LLC’s holdings, making the stock its 20th biggest holding. Valueworks LLC’s holdings in Corning were worth $5,283,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings 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 in the last quarter. Geode Capital Management LLC raised its holdings in shares of Corning by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after buying an additional 533,686 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Corning by 2.0% in the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock worth $516,560,000 after buying an additional 208,826 shares in the last quarter. Norges Bank acquired a new position in shares of Corning in the 4th quarter worth approximately $490,933,000. Finally, Dimensional Fund Advisors LP raised its holdings 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 buying an additional 78,497 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Down 0.2%

NYSE GLW opened at $48.11 on Tuesday. Corning Incorporated has a 52 week low of $35.30 and a 52 week high of $55.33. 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 $41.20 billion, a P/E ratio of 82.95, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The stock has a fifty day moving average of $44.65 and a 200-day moving average of $47.50.

Corning (NYSE:GLW) last posted its earnings results 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. The firm had revenue of $3.68 billion for 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 period in the previous year, the company posted $0.38 earnings per share. On average, equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders 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 annualized dividend and a yield of 2.33%. Corning’s dividend payout ratio is presently 215.38%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GLW. Barclays dropped their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. JPMorgan Chase & Co. dropped their target price on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Mizuho set a $52.00 price target on Corning in a report on Tuesday, April 15th. Finally, HSBC raised Corning from a “hold” rating to a “buy” rating and raised their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.08.

Insiders Place Their Bets

In other Corning news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the sale, the vice president now owns 9,610 shares of the company’s stock, 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 SEC, which is available through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Corning Company 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.