West Paces Advisors Inc. Reduces Stock Holdings in Corning Incorporated (NYSE:GLW)

West Paces Advisors Inc. lowered its position in Corning Incorporated (NYSE:GLW) by 12.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,960 shares of the electronics maker’s stock after selling 1,629 shares during the quarter. West Paces Advisors Inc.’s holdings in Corning were worth $364,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Peoples Bank KS acquired a new position in Corning in the third quarter valued at about $25,000. OFI Invest Asset Management acquired a new position in Corning in the third quarter valued at about $25,000. Janiczek Wealth Management LLC lifted its position in Corning by 173.6% in the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 571 shares during the last quarter. Quarry LP acquired a new position in Corning in the second quarter valued at about $32,000. Finally, SRS Capital Advisors Inc. lifted its position in Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after buying an additional 652 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Down 1.2 %

NYSE:GLW traded down $0.37 during mid-day trading on Tuesday, hitting $30.92. The stock had a trading volume of 5,754,152 shares, compared to its average volume of 4,751,854. The stock has a 50-day simple moving average of $32.38 and a two-hundred day simple moving average of $30.37. The company has a market capitalization of $26.45 billion, a PE ratio of 46.36, a PEG ratio of 1.79 and a beta of 1.08. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm’s revenue was down 12.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.47 earnings per share. On average, equities research analysts anticipate that Corning Incorporated will post 1.86 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid 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 3.62%. Corning’s dividend payout ratio is currently 167.16%.

Analysts Set New Price Targets

A number of research analysts have commented on GLW shares. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a research report on Thursday, February 1st. Barclays increased their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. 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 report on Thursday, April 11th. Finally, UBS Group increased their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Corning currently has a consensus rating of “Hold” and a consensus price target of $34.56.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on 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 $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.45% of the stock is currently owned by insiders.

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.