CoreCap Advisors LLC Sells 15,844 Shares of Corning Incorporated (NYSE:GLW)

CoreCap Advisors LLC lowered its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 90.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,705 shares of the electronics maker's stock after selling 15,844 shares during the period. CoreCap Advisors LLC's holdings in Corning were worth $81,000 at the end of the most recent reporting period.

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

Insider Activity

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on GLW. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Bank of America raised their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. decreased their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Oppenheimer decreased their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, Barclays decreased their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Stock Up 1.4%

NYSE GLW traded up $0.65 during trading on Friday, reaching $48.25. The company's stock had a trading volume of 4,639,459 shares, compared to its average volume of 5,949,445. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $41.33 billion, a PE ratio of 83.19, a PEG ratio of 1.50 and a beta of 1.09. The business has a 50-day moving average price of $44.60 and a 200-day moving average price of $47.51. Corning Incorporated has a 1-year low of $35.12 and a 1-year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter last year, the firm posted $0.38 earnings per share. The company's quarterly 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 company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio is 215.38%.

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.