CORDA Investment Management LLC. Sells 16,239 Shares of Corning Incorporated (NYSE:GLW)

CORDA Investment Management LLC. lowered its position in Corning Incorporated (NYSE:GLW - Free Report) by 2.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 564,355 shares of the electronics maker's stock after selling 16,239 shares during the quarter. Corning makes up about 2.1% of CORDA Investment Management LLC.'s investment portfolio, making the stock its 26th largest holding. CORDA Investment Management LLC. owned 0.07% of Corning worth $25,836,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Valeo Financial Advisors LLC lifted its stake in shares of Corning by 5.5% during the 1st quarter. Valeo Financial Advisors LLC now owns 6,830 shares of the electronics maker's stock worth $313,000 after buying an additional 353 shares during the last quarter. CapWealth Advisors LLC lifted its stake in shares of Corning by 3.7% during the 1st quarter. CapWealth Advisors LLC now owns 465,641 shares of the electronics maker's stock worth $21,317,000 after buying an additional 16,761 shares during the last quarter. Alpha Cubed Investments LLC acquired a new stake in Corning in the 1st quarter worth about $372,000. Beverly Hills Private Wealth LLC acquired a new stake in Corning in the 1st quarter worth about $1,344,000. Finally, Washington Trust Bank raised its stake in Corning by 14.5% in the 1st quarter. Washington Trust Bank now owns 43,500 shares of the electronics maker's stock worth $1,991,000 after purchasing an additional 5,500 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Price Performance

NYSE:GLW traded down $0.68 on Friday, hitting $51.58. The company had a trading volume of 4,098,107 shares, compared to its average volume of 5,393,036. The stock has a market capitalization of $44.17 billion, a price-to-earnings ratio of 99.19, a PEG ratio of 1.42 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. The firm has a 50 day moving average of $49.75 and a two-hundred day moving average of $48.23. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $55.33.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The firm's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.38 EPS. On average, research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is 215.38%.

Insider Activity

In other Corning news, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the sale, the senior vice president directly owned 16,117 shares of the company's stock, valued at $800,692.56. The trade was a 51.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP John Z. Zhang sold 8,000 shares of the business'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 transaction of $375,280.00. Following the sale, the vice president directly owned 9,610 shares in the company, valued at $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,796 shares of company stock worth $3,632,635. Company insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Oppenheimer dropped their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. UBS Group raised their target price on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, Citigroup boosted their target price on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $55.73.

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.