Corning Incorporated (NYSE:GLW) Shares Sold by GTS Securities LLC

GTS Securities LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 93.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,749 shares of the electronics maker's stock after selling 128,997 shares during the quarter. GTS Securities LLC's holdings in Corning were worth $463,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Sierra Ocean LLC purchased a new stake in Corning in the 4th quarter worth about $25,000. Asset Planning Inc purchased a new stake in Corning in the 4th quarter worth about $29,000. Mainstream Capital Management LLC purchased a new stake in Corning in the 4th quarter worth about $35,000. JFS Wealth Advisors LLC raised its position in Corning by 171.8% in the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker's stock worth $38,000 after purchasing an additional 512 shares during the period. Finally, Transce3nd LLC purchased a new stake in Corning in the 4th quarter worth about $39,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Corning news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction 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 owns 9,610 shares of the company's stock, valued at approximately $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction 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 a total of 69,291 shares of company stock valued at $3,307,320 over the last 90 days. Insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent 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 research report on Monday, April 14th. Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. JPMorgan Chase & Co. dropped 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. Oppenheimer dropped their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Corning currently has an average rating of "Moderate Buy" and a consensus price target of $53.08.

Corning Stock Down 0.8%

GLW traded down $0.41 during trading on Friday, hitting $49.55. The stock had a trading volume of 12,836,651 shares, compared to its average volume of 5,986,805. The company has a market capitalization of $42.44 billion, a PE ratio of 85.43, a PEG ratio of 1.50 and a beta of 1.09. Corning Incorporated has a twelve month low of $36.58 and a twelve month 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 stock has a 50 day simple moving average of $44.83 and a two-hundred day simple moving average of $47.56.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results 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 business 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%. The business's quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the company posted $0.38 earnings per share. On average, research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a dividend of $0.28 per share. 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 (DPR) is presently 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.