Corning Incorporated (NYSE:GLW) Shares Sold by Valueworks LLC

Valueworks LLC trimmed its position in Corning Incorporated (NYSE:GLW - Free Report) by 15.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 111,172 shares of the electronics maker's stock after selling 20,257 shares during the period. Corning makes up about 1.8% of Valueworks LLC's portfolio, making the stock its 20th largest holding. Valueworks LLC's holdings in Corning were worth $5,283,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in GLW. Sound Income Strategies LLC increased its holdings in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after buying an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new position in shares of Corning in the fourth quarter valued at $25,000. Asset Planning Inc bought a new position in shares of Corning in the fourth quarter valued at $29,000. Mainstream Capital Management LLC bought a new position in shares of Corning in the fourth quarter valued at $35,000. Finally, JFS Wealth Advisors LLC increased its holdings in shares of Corning by 171.8% in the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker's stock valued at $38,000 after buying an additional 512 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on GLW shares. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. JPMorgan Chase & Co. cut their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Citigroup cut their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Barclays cut their target price on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 29th. Finally, Bank of America boosted their target price on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Trading Down 0.2%

Shares of NYSE:GLW opened at $48.11 on Tuesday. The stock has a market capitalization of $41.20 billion, a PE ratio of 82.95, a P/E/G ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 1 year low of $35.30 and a 1 year high of $55.33. The firm has a fifty day moving average price of $44.65 and a 200 day moving average price of $47.50. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. Corning's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.38 earnings per share. Analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio (DPR) is 215.38%.

Insider Buying and Selling at Corning

In other news, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the transaction, the vice president now owns 9,610 shares of the company's stock, valued at approximately $450,805.10. This represents a 45.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction dated 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. Corporate insiders own 0.40% of the company's stock.

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.

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