Integrated Advisors Network LLC Has $1.16 Million Stock Position in Corning Incorporated (NYSE:GLW)

Integrated Advisors Network LLC reduced its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 72.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,353 shares of the electronics maker's stock after selling 65,807 shares during the quarter. Integrated Advisors Network LLC's holdings in Corning were worth $1,161,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in GLW. Vanguard Group Inc. increased its position in shares of Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after acquiring an additional 916,528 shares in the last quarter. Geode Capital Management LLC boosted its stake in Corning by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock worth $875,633,000 after purchasing an additional 533,686 shares during the period. Northern Trust Corp grew its position in Corning by 2.0% during the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after purchasing an additional 208,826 shares in the last quarter. Norges Bank acquired a new stake in Corning during the 4th quarter valued at $490,933,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock valued at $465,723,000 after purchasing an additional 78,497 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

GLW stock traded down $1.28 during trading on Friday, hitting $49.54. 3,573,448 shares of the stock traded hands, compared to its average volume of 5,916,550. The stock has a market cap 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 Incorporated has a one year low of $37.05 and a one year high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a 50 day simple moving average of $45.98 and a 200 day simple moving average of $47.76.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.26%. Corning's payout ratio is 215.38%.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lowered their price target on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Oppenheimer reduced their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. Finally, Citigroup lowered their price objective on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four investment 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $53.08.

Insiders Place Their Bets

In other news, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction 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 directly owns 25,000 shares of the company's stock, valued at $1,250,250. This trade represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. In the last three months, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by insiders.

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.