Ethic Inc. Sells 6,903 Shares of Corning Incorporated (NYSE:GLW)

Ethic Inc. reduced its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 4.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 147,662 shares of the electronics maker's stock after selling 6,903 shares during the period. Ethic Inc.'s holdings in Corning were worth $7,017,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Sound Income Strategies LLC increased its stake in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new position in Corning in the 4th quarter worth approximately $25,000. Asset Planning Inc purchased a new stake in Corning in the 4th quarter worth $29,000. Rosenberg Matthew Hamilton raised its holdings in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after acquiring an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC purchased a new position in Corning in the fourth quarter worth about $35,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on GLW shares. Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Barclays decreased their target price on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. Bank of America boosted their target price on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. 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 research report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.08.

Corning Stock Up 1.4%

Shares of NYSE GLW traded up $0.64 during mid-day trading on Tuesday, reaching $47.61. The company had a trading volume of 5,427,569 shares, compared to its average volume of 5,953,803. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a market capitalization of $40.78 billion, a price-to-earnings ratio of 82.09, a PEG ratio of 1.50 and a beta of 1.09. The stock has a fifty day moving average of $44.42 and a two-hundred day moving average of $47.49. Corning Incorporated has a 12-month low of $34.33 and a 12-month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping 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 firm had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter last year, the company earned $0.38 earnings per share. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

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

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 value of $375,280.00. Following the sale, the vice president now owns 9,610 shares in the company, valued at $450,805.10. This represents a 45.43% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company's stock.

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.