Corning Incorporated (NYSE:GLW) Shares Sold by Community Financial Services Group LLC

Community Financial Services Group LLC reduced its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 25.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,435 shares of the electronics maker's stock after selling 13,394 shares during the period. Community Financial Services Group LLC's holdings in Corning were worth $1,805,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of GLW. Norges Bank acquired a new position in Corning during the fourth quarter worth about $490,933,000. Polar Capital Holdings Plc purchased a new position in Corning in the 4th quarter worth about $124,253,000. Amundi increased its stake in Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after purchasing an additional 2,268,436 shares in the last quarter. Mariner LLC increased its stake in Corning by 134.0% in the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock worth $183,867,000 after purchasing an additional 2,215,840 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Corning in the 4th quarter worth about $92,522,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Up 2.7%

Shares of NYSE GLW opened at $51.80 on Tuesday. The firm has a market capitalization of $44.37 billion, a PE ratio of 99.62, a PEG ratio of 1.36 and a beta of 1.11. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a one year low of $37.18 and a one year high of $55.33. The business has a 50-day moving average price of $47.28 and a two-hundred day moving average price of $47.83.

Corning (NYSE:GLW - Get Free Report) last announced 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. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The firm's revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 EPS. As a group, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

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 issued a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.16%. Corning's dividend payout ratio is 215.38%.

Insider Activity

In related news, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction that occurred 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 transaction, the vice president now directly owns 9,610 shares of the company's stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP John Z. Zhang sold 9,610 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total value of $473,676.90. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock worth $3,632,635 in the last three months. 0.32% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GLW. Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Oppenheimer dropped their price target on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Citigroup dropped their price target on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Mizuho set a $52.00 price target on Corning in a research note on Tuesday, April 15th. Finally, Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $53.75.

About Corning

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.