Yousif Capital Management LLC Sells 7,202 Shares of Corning Incorporated (NYSE:GLW)

Yousif Capital Management LLC reduced its holdings in Corning Incorporated (NYSE:GLW) by 6.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 96,956 shares of the electronics maker’s stock after selling 7,202 shares during the quarter. Yousif Capital Management LLC’s holdings in Corning were worth $2,952,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of GLW. Corrado Advisors LLC grew its holdings in shares of Corning by 23.3% during the fourth quarter. Corrado Advisors LLC now owns 40,908 shares of the electronics maker’s stock worth $1,246,000 after purchasing an additional 7,742 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Corning during the 4th quarter valued at $40,000. Socha Financial Group LLC lifted its holdings in shares of Corning by 8.8% during the 4th quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock worth $10,463,000 after acquiring an additional 27,772 shares during the last quarter. Linden Thomas Advisory Services LLC grew its position in Corning by 2.9% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 41,496 shares of the electronics maker’s stock worth $1,264,000 after acquiring an additional 1,168 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its position in Corning by 28.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 3,746 shares of the electronics maker’s stock worth $114,000 after acquiring an additional 830 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other Corning 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 transaction of $2,574,903.36. Following the completion of 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 document filed with the SEC, which can be accessed through the SEC website. 0.45% of the stock is owned by insiders.

Corning Stock Performance

Shares of Corning stock opened at $31.33 on Monday. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The firm has a market capitalization of $26.80 billion, a P/E ratio of 46.76, a P/E/G ratio of 1.73 and a beta of 1.08. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The business has a fifty day simple moving average of $32.28 and a two-hundred day simple moving average of $30.47.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. Corning’s revenue was down 12.1% on a year-over-year basis. During the same period last year, the company posted $0.47 EPS. On average, equities analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on GLW shares. Barclays lifted their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. increased their target price on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 price objective on shares of Corning in a report on Monday, April 22nd. Susquehanna reissued a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Finally, StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Corning currently has a consensus rating of “Hold” and an average target price of $34.78.

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.