Cornell Pochily Investment Advisors Inc. Has $370,000 Stock Position in Corning Incorporated (NYSE:GLW)

Cornell Pochily Investment Advisors Inc. cut its stake in Corning Incorporated (NYSE:GLW) by 22.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 12,166 shares of the electronics maker’s stock after selling 3,487 shares during the quarter. Cornell Pochily Investment Advisors Inc.’s holdings in Corning were worth $370,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Corning by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after purchasing an additional 671,480 shares during the period. BlackRock Inc. boosted its stake in shares of Corning by 5.2% during the 2nd quarter. BlackRock Inc. now owns 58,326,630 shares of the electronics maker’s stock worth $2,043,765,000 after buying an additional 2,872,992 shares during the last quarter. State Street Corp boosted its stake in shares of Corning by 2.2% during the 1st quarter. State Street Corp now owns 31,601,045 shares of the electronics maker’s stock worth $1,114,880,000 after buying an additional 686,278 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Corning by 7.7% during the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after buying an additional 2,055,388 shares during the last quarter. Finally, Morgan Stanley boosted its stake in shares of Corning by 5.1% during the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after buying an additional 1,060,450 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. StockNews.com cut shares of Corning from a “hold” rating to a “sell” rating in a report on Sunday. Barclays raised their target price 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. Finally, UBS Group raised their target price on shares of Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, January 11th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $32.88.

Corning Stock Up 0.0 %

Corning stock traded up $0.01 during midday trading on Thursday, reaching $33.03. The stock had a trading volume of 672,629 shares, compared to its average volume of 4,792,296. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The company has a market capitalization of $28.25 billion, a P/E ratio of 49.28, a PEG ratio of 1.84 and a beta of 1.08. The company has a fifty day moving average price of $32.05 and a two-hundred day moving average price of $30.25. 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 released 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 business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.47 EPS. As a group, equities analysts expect that Corning Incorporated will post 1.86 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Thursday, February 29th will be paid a $0.28 dividend. The ex-dividend date is Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.39%. Corning’s payout ratio is 167.16%.

Insider Activity at Corning

In other Corning 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 transaction of $2,574,903.36. Following the sale, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.40% of the stock is owned by company 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.