GeoWealth Management LLC Sells 1,464 Shares of Corning Incorporated (NYSE:GLW)

GeoWealth Management LLC trimmed its holdings in Corning Incorporated (NYSE:GLW) by 21.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,355 shares of the electronics maker’s stock after selling 1,464 shares during the period. GeoWealth Management LLC’s holdings in Corning were worth $254,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of GLW. Oregon Public Employees Retirement Fund raised its stake in shares of Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock valued at $3,139,000 after purchasing an additional 204 shares during the period. Principal Securities Inc. grew its holdings in Corning by 3.5% during the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after buying an additional 211 shares in the last quarter. Bogart Wealth LLC increased its position in shares of Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after buying an additional 219 shares during the period. Buffington Mohr McNeal increased its position in shares of Corning by 2.1% during the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after buying an additional 220 shares during the period. Finally, Allworth Financial LP lifted its holdings in shares of Corning by 1.1% in the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after buying an additional 220 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

GLW stock opened at $41.76 on Wednesday. The firm has a market cap of $35.78 billion, a P/E ratio of 72.00, a P/E/G ratio of 1.50 and a beta of 1.03. The firm’s fifty day moving average is $45.99 and its 200 day moving average is $47.64. Corning Incorporated has a 52 week low of $31.20 and a 52 week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date was Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Analyst Ratings Changes

A number of research firms recently weighed in on GLW. Barclays decreased their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. HSBC raised Corning from a “hold” rating to a “buy” rating and lifted their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. lowered their price target on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $53.31.

Insider Transactions at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

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.