Northstar Advisory Group LLC Has $4.06 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Northstar Advisory Group LLC lessened its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 28.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 88,593 shares of the electronics maker's stock after selling 35,215 shares during the period. Corning accounts for 2.6% of Northstar Advisory Group LLC's holdings, making the stock its 9th biggest position. Northstar Advisory Group LLC's holdings in Corning were worth $4,056,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Sierra Ocean LLC bought a new stake in Corning in the 4th quarter valued at $25,000. Asset Planning Inc bought a new stake in Corning in the 4th quarter valued at $29,000. Vermillion Wealth Management Inc. bought a new stake in Corning in the 4th quarter valued at $29,000. Putney Financial Group LLC bought a new stake in Corning in the 4th quarter valued at $30,000. Finally, Mainstream Capital Management LLC bought a new position in Corning during the 4th quarter worth $35,000. Institutional investors own 69.80% of the company's stock.

Analyst Ratings Changes

GLW has been the topic of several recent research reports. Mizuho set a $52.00 price objective on Corning in a research report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Oppenheimer lowered their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, Bank of America increased their price objective on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Four equities 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 has an average rating of "Moderate Buy" and a consensus price target of $53.08.

Corning Price Performance

NYSE:GLW traded down $0.16 during trading hours on Wednesday, hitting $50.45. The company's stock had a trading volume of 2,962,493 shares, compared to its average volume of 5,954,671. The stock has a fifty day simple moving average of $45.76 and a 200-day simple moving average of $47.74. The company has a market capitalization of $43.21 billion, a P/E ratio of 86.98, a PEG ratio of 1.50 and a beta of 1.11. 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 twelve month low of $37.05 and a twelve month high of $55.33.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.22%. Corning's dividend payout ratio (DPR) is 215.38%.

Insider Transactions at Corning

In other news, SVP Stefan Becker sold 17,106 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president now directly owns 16,117 shares in the company, valued at $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock worth $3,632,635 over the last ninety days. 0.40% of the stock is owned by insiders.

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.