Simplicity Solutions LLC Sells 921 Shares of Corning Incorporated (NYSE:GLW)

Simplicity Solutions LLC lowered its position in shares of Corning Incorporated (NYSE:GLW) by 8.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,520 shares of the electronics maker’s stock after selling 921 shares during the quarter. Simplicity Solutions LLC’s holdings in Corning were worth $290,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Corning in the 4th quarter worth approximately $241,456,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Corning by 74.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,681,332 shares of the electronics maker’s stock worth $306,278,000 after purchasing an additional 3,694,339 shares during the period. Morgan Stanley raised its holdings in shares of Corning by 26.5% in the 4th quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock worth $438,666,000 after purchasing an additional 2,875,197 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Corning by 15.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after purchasing an additional 2,301,745 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Corning by 7.7% in the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after purchasing an additional 2,055,388 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’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 sale, 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 accessible through this link. Corporate insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GLW. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price target on shares of Corning in a report on Monday, April 1st. UBS Group lifted their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Barclays lifted their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Finally, StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $34.56.

Corning Price Performance

Shares of GLW opened at $31.27 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The stock has a market cap of $26.75 billion, a PE ratio of 46.67, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08. The firm’s 50-day simple moving average is $32.31 and its two-hundred day simple moving average is $30.39.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share 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 business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same period last year, the firm earned $0.47 earnings per share. The company’s quarterly revenue was down 12.1% on a year-over-year basis. Analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

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

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.