Bleakley Financial Group LLC Trims Stock Position in Corning Incorporated (NYSE:GLW)

Bleakley Financial Group LLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 8.8% during the 4th quarter, Holdings Channel reports. The firm owned 9,520 shares of the electronics maker’s stock after selling 921 shares during the quarter. Bleakley Financial Group LLC’s holdings in Corning were worth $290,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of GLW. Cibc World Market Inc. lifted its holdings in shares of Corning by 22.1% in the first quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock valued at $2,420,000 after purchasing an additional 11,884 shares in the last quarter. Prudential PLC purchased a new position in shares of Corning during the first quarter valued at approximately $588,000. Sequoia Financial Advisors LLC lifted its stake in shares of Corning by 15.5% during the first quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock valued at $293,000 after buying an additional 1,062 shares during the period. Vanguard Group Inc. lifted its stake in shares of Corning by 0.7% during the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after buying an additional 671,480 shares during the period. Finally, Baird Financial Group Inc. lifted its stake in shares of Corning by 24.4% during the first quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock valued at $26,388,000 after buying an additional 140,098 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Corning stock opened at $31.29 on Tuesday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The firm has a fifty day moving average of $32.38 and a 200-day moving average of $30.37. The firm has a market capitalization of $26.76 billion, a P/E ratio of 46.69, a PEG ratio of 1.79 and a beta of 1.08. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the prior year, the business earned $0.47 earnings per share. The business’s quarterly revenue was down 12.1% compared to the same quarter last year. As a group, analysts predict that Corning Incorporated will post 1.86 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.58%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is currently 167.16%.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on GLW shares. Barclays upped their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. UBS Group upped their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Susquehanna reissued a “positive” rating and set a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. increased their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Corning presently has an average rating of “Hold” and a consensus target price of $34.56.

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.