Corning Incorporated (NYSE:GLW) Shares Sold by Palouse Capital Management Inc.

Palouse Capital Management Inc. decreased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 78.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,879 shares of the electronics maker's stock after selling 6,742 shares during the period. Palouse Capital Management Inc.'s holdings in Corning were worth $86,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. Wealth Enhancement Advisory Services LLC raised its position in Corning by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock worth $59,558,000 after acquiring an additional 23,781 shares during the period. Azzad Asset Management Inc. ADV bought a new position in Corning in the first quarter worth approximately $3,688,000. RMR Wealth Builders raised its position in Corning by 12.6% in the first quarter. RMR Wealth Builders now owns 30,805 shares of the electronics maker's stock worth $1,410,000 after acquiring an additional 3,438 shares during the period. NorthCrest Asset Manangement LLC raised its position in Corning by 1.7% in the first quarter. NorthCrest Asset Manangement LLC now owns 43,696 shares of the electronics maker's stock worth $2,000,000 after acquiring an additional 745 shares during the period. Finally, Ferguson Wellman Capital Management Inc. raised its position in Corning by 1.5% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 19,852 shares of the electronics maker's stock worth $909,000 after acquiring an additional 297 shares during the period. Institutional investors own 69.80% of the company's stock.

Corning Price Performance

GLW stock traded down $1.28 during trading on Friday, hitting $49.54. 3,573,448 shares of the company's stock traded hands, compared to its average volume of 5,917,446. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The business has a fifty day simple moving average of $46.19 and a 200 day simple moving average of $47.76. The stock has a market capitalization of $42.43 billion, a price-to-earnings ratio of 85.42, a P/E/G ratio of 1.50 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last released 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. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same quarter last year, the business earned $0.38 earnings per share. Corning's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm 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 $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.26%. Corning's dividend payout ratio is currently 215.38%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GLW. Oppenheimer decreased their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. JPMorgan Chase & Co. reduced 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. Citigroup reduced their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Corning currently has an average rating of "Moderate Buy" and an average price target of $53.08.

Insider Activity

In related news, SVP Michael Alan Bell sold 20,262 shares of the business's 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the transaction, the senior vice president now owns 16,117 shares of the company's stock, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is currently owned by corporate 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.