Cetera Investment Advisers Sells 48,036 Shares of Corning Incorporated (NYSE:GLW)

Cetera Investment Advisers lessened its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 19.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 197,789 shares of the electronics maker's stock after selling 48,036 shares during the quarter. Cetera Investment Advisers' holdings in Corning were worth $9,399,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of GLW. Sound Income Strategies LLC grew its holdings in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC bought a new position in shares of Corning in the 4th quarter worth $25,000. Asset Planning Inc acquired a new stake in shares of Corning during the fourth quarter worth $29,000. Mainstream Capital Management LLC bought a new stake in Corning in the fourth quarter valued at about $35,000. Finally, Rosenberg Matthew Hamilton lifted its stake in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Up 1.2%

Shares of GLW traded up $0.55 during mid-day trading on Thursday, hitting $47.56. 4,750,670 shares of the company's stock were exchanged, compared to its average volume of 5,941,708. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 52 week low of $34.87 and a 52 week high of $55.33. The company has a market cap of $40.73 billion, a PE ratio of 82.00, a P/E/G ratio of 1.50 and a beta of 1.09. The company has a 50-day simple moving average of $44.48 and a 200 day simple moving average of $47.50.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the previous year, the business earned $0.38 EPS. The company's revenue was up 12.9% compared to the same quarter last year. On average, research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.35%. Corning's dividend payout ratio (DPR) is presently 215.38%.

Insider Activity at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president now owns 9,610 shares of the company's stock, valued at $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of several analyst reports. Oppenheimer decreased their target price on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Citigroup lowered their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Bank of America upped their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. reduced their target price on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Four investment 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.08.

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.