Integrated Advisors Network LLC Lowers Holdings in Corning Incorporated (NYSE:GLW)

Integrated Advisors Network LLC reduced its stake in Corning Incorporated (NYSE:GLW - Free Report) by 11.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 91,160 shares of the electronics maker's stock after selling 11,328 shares during the quarter. Integrated Advisors Network LLC's holdings in Corning were worth $4,332,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of GLW. Barclays PLC boosted its position in Corning by 8.5% during the third quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker's stock worth $85,468,000 after acquiring an additional 148,042 shares during the last quarter. Tallon Kerry Patrick acquired a new position in shares of Corning during the 4th quarter worth approximately $302,000. Atomi Financial Group Inc. grew its position in shares of Corning by 31.2% in the fourth quarter. Atomi Financial Group Inc. now owns 6,295 shares of the electronics maker's stock valued at $299,000 after purchasing an additional 1,497 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Corning by 3.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 417,631 shares of the electronics maker's stock worth $19,846,000 after buying an additional 12,945 shares in the last quarter. Finally, Secure Asset Management LLC purchased a new position in Corning during the fourth quarter worth approximately $272,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is available 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 shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,291 shares of company stock worth $3,307,320 over the last three months. Corporate insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several research analyst reports. Citigroup reduced their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Bank of America upped their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Oppenheimer lowered their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. JPMorgan Chase & Co. cut their target price on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Four 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 company. According to MarketBeat, Corning has an average rating of "Moderate Buy" and a consensus price target of $53.08.

Corning Trading Down 0.8%

NYSE GLW traded down $0.41 during trading hours on Friday, hitting $49.55. The company's stock had a trading volume of 12,836,651 shares, compared to its average volume of 5,981,219. Corning Incorporated has a twelve month low of $36.58 and a twelve month high of $55.33. The firm has a market capitalization of $42.44 billion, a P/E ratio of 85.43, a PEG ratio of 1.50 and a beta of 1.09. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a fifty day moving average of $44.83 and a 200 day moving average of $47.55.

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 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 firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter in the previous year, the firm posted $0.38 earnings per share. The business's revenue was up 12.9% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.26%. Corning's dividend payout ratio (DPR) is 215.38%.

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.