Stiles Financial Services Inc Has $1.14 Million Stake in Corning Incorporated (NYSE:GLW)

Stiles Financial Services Inc decreased its position in Corning Incorporated (NYSE:GLW) by 6.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 37,406 shares of the electronics maker’s stock after selling 2,703 shares during the period. Stiles Financial Services Inc’s holdings in Corning were worth $1,139,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in shares of Corning during the 4th quarter valued at $4,275,000. Olstein Capital Management L.P. boosted its stake in shares of Corning by 9.8% during the 4th quarter. Olstein Capital Management L.P. now owns 257,000 shares of the electronics maker’s stock valued at $7,826,000 after buying an additional 23,000 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in shares of Corning by 12.8% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 180,520 shares of the electronics maker’s stock valued at $5,504,000 after buying an additional 20,496 shares during the period. Venture Visionary Partners LLC boosted its stake in shares of Corning by 2.0% during the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock valued at $589,000 after buying an additional 380 shares during the period. Finally, Prime Capital Investment Advisors LLC boosted its stake in shares of Corning by 45.4% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 14,296 shares of the electronics maker’s stock valued at $435,000 after buying an additional 4,461 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

GLW traded up $0.36 during trading on Tuesday, hitting $32.55. The stock had a trading volume of 4,344,996 shares, compared to its average volume of 4,768,343. The firm has a market cap of $27.84 billion, a PE ratio of 48.06, a P/E/G ratio of 1.85 and a beta of 1.08. Corning Incorporated has a 12 month low of $25.26 and a 12 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. The company has a 50 day simple moving average of $32.44 and a 200-day simple moving average of $30.32.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 EPS. Analysts expect that Corning Incorporated will post 1.86 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.44%. Corning’s payout ratio is 167.16%.

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 transaction of $2,574,903.36. Following the transaction, the insider now 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 the SEC website. Insiders own 0.45% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on GLW. Susquehanna reissued a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Barclays raised their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a report on Thursday, February 1st. Finally, UBS Group raised their price target on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Corning has an average rating of “Hold” and a consensus target price of $34.00.

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.