Clearstead Trust LLC Sells 6,196 Shares of Corning Incorporated (NYSE:GLW)

Clearstead Trust LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 33.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 12,237 shares of the electronics maker’s stock after selling 6,196 shares during the quarter. Clearstead Trust LLC’s holdings in Corning were worth $373,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GLW. Peoples Bank KS acquired a new stake in shares of Corning during the 3rd quarter worth about $25,000. OFI Invest Asset Management acquired a new stake in Corning in the 3rd quarter valued at about $25,000. SRS Capital Advisors Inc. increased its position in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in Corning in the 4th quarter valued at about $31,000. Finally, Emfo LLC acquired a new stake in Corning in the 4th quarter valued at about $33,000. 69.80% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GLW shares. Barclays raised their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. UBS Group raised their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price target on shares of Corning in a research report on Monday, April 22nd. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $34.89.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning 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 owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction 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 sale, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the sale, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 119,988 shares of company stock valued at $3,984,964. 0.40% of the stock is currently owned by corporate insiders.

Corning Trading Up 0.4 %

Corning stock traded up $0.15 during midday trading on Friday, hitting $33.72. 4,490,410 shares of the stock were exchanged, compared to its average volume of 5,093,209. The company has a fifty day simple moving average of $32.36 and a two-hundred day simple moving average of $30.65. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The stock has a market capitalization of $28.84 billion, a PE ratio of 47.49, a P/E/G ratio of 1.71 and a beta of 1.07. 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, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm earned $0.41 EPS. Corning’s quarterly revenue was down 11.5% compared to the same quarter last year. Equities research analysts anticipate that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s payout ratio is currently 157.75%.

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.