CWA Asset Management Group LLC Sells 8,797 Shares of Corning Incorporated (NYSE:GLW)

CWA Asset Management Group LLC lowered its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 7.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 110,295 shares of the electronics maker's stock after selling 8,797 shares during the period. CWA Asset Management Group LLC's holdings in Corning were worth $5,049,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in GLW. Insigneo Advisory Services LLC increased its stake in Corning by 51.6% during the 1st quarter. Insigneo Advisory Services LLC now owns 11,744 shares of the electronics maker's stock worth $538,000 after buying an additional 3,995 shares during the period. NBT Bank N A NY increased its position in shares of Corning by 64.8% during the first quarter. NBT Bank N A NY now owns 12,943 shares of the electronics maker's stock worth $593,000 after acquiring an additional 5,087 shares during the last quarter. Patton Fund Management Inc. purchased a new stake in shares of Corning during the first quarter worth about $5,020,000. Grove Bank & Trust lifted its stake in shares of Corning by 126.8% in the first quarter. Grove Bank & Trust now owns 4,214 shares of the electronics maker's stock worth $193,000 after acquiring an additional 2,356 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its holdings in Corning by 10.1% in the first quarter. QRG Capital Management Inc. now owns 42,312 shares of the electronics maker's stock valued at $1,937,000 after purchasing an additional 3,883 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. Wall Street Zen lowered shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Bank of America upped their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Citigroup decreased their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, JPMorgan Chase & Co. lowered their price target on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $53.75.

Insider Activity at Corning

In related news, SVP Soumya Seetharam sold 6,505 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $50.01, for a total transaction of $325,315.05. Following the transaction, the senior vice president now owns 25,000 shares in the company, valued at $1,250,250. This trade represents a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The stock was 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 have sold a total of 75,796 shares of company stock worth $3,632,635 in the last three months. 0.32% of the stock is owned by company insiders.

Corning Stock Performance

Shares of GLW traded down $0.05 during midday trading on Wednesday, hitting $50.43. 3,129,890 shares of the stock traded hands, compared to its average volume of 5,858,046. The business's 50 day moving average price is $46.57 and its two-hundred day moving average price is $47.79. The firm has a market capitalization of $43.19 billion, a PE ratio of 96.98, a price-to-earnings-growth ratio of 1.37 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same period in the previous year, the business posted $0.38 EPS. Corning's revenue was up 12.9% on a year-over-year basis. Equities research analysts predict 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 Friday, June 27th. Investors of record on Friday, May 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio (DPR) is 215.38%.

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.