LifePlan Financial LLC Sells 7,217 Shares of Corning Incorporated (NYSE:GLW)

LifePlan Financial LLC lowered its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 61.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,543 shares of the electronics maker's stock after selling 7,217 shares during the period. LifePlan Financial LLC's holdings in Corning were worth $208,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. boosted its holdings in Corning by 9.7% in the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after acquiring an additional 214 shares in the last quarter. Seeds Investor LLC lifted its position in shares of Corning by 3.0% in the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock worth $366,000 after purchasing an additional 221 shares during the period. CreativeOne Wealth LLC boosted its stake in shares of Corning by 2.4% during the 4th quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock valued at $484,000 after purchasing an additional 238 shares in the last quarter. Old North State Wealth Management LLC increased its position in shares of Corning by 0.6% during the first quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock valued at $1,836,000 after buying an additional 239 shares during the period. Finally, Colonial Trust Co SC raised its stake in Corning by 3.8% in the fourth quarter. Colonial Trust Co SC now owns 7,138 shares of the electronics maker's stock worth $339,000 after buying an additional 258 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Insider Buying and Selling

In other news, SVP Stefan Becker sold 17,106 shares of the firm's stock in a transaction dated 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 owned 16,117 shares of the company's stock, valued at $800,692.56. This trade represents a 51.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction 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 in the last three months. 0.32% of the stock is currently owned by company insiders.

Corning Price Performance

Corning stock remained flat at $52.59 during trading hours on Tuesday. 5,817,500 shares of the company's stock traded hands, compared to its average volume of 5,652,793. The stock has a 50-day simple moving average of $48.33 and a 200-day simple moving average of $47.95. The company has a market cap of $45.04 billion, a PE ratio of 101.13, a P/E/G ratio of 1.42 and a beta of 1.11. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05.

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

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.13%. Corning's dividend payout ratio (DPR) is presently 215.38%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Citigroup reduced their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Oppenheimer reduced 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. JPMorgan Chase & Co. lowered their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Mizuho set a $52.00 target price on shares of Corning in a research report on Tuesday, April 15th. Finally, Bank of America lifted their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $53.75.

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.