Monte Financial Group LLC Sells 13,815 Shares of Corning Incorporated (NYSE:GLW)

Monte Financial Group LLC lowered its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 9.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 125,620 shares of the electronics maker's stock after selling 13,815 shares during the quarter. Corning accounts for about 2.4% of Monte Financial Group LLC's investment portfolio, making the stock its 17th biggest holding. Monte Financial Group LLC's holdings in Corning were worth $5,751,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Tallon Kerry Patrick bought a new stake in shares of Corning in the 4th quarter valued at $302,000. Brighton Jones LLC increased its holdings in shares of Corning by 46.0% in the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock worth $319,000 after acquiring an additional 2,114 shares in the last quarter. Principal Securities Inc. raised its position in shares of Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock worth $293,000 after purchasing an additional 211 shares during the period. Venturi Wealth Management LLC lifted its holdings in shares of Corning by 134.9% during the 4th quarter. Venturi Wealth Management LLC now owns 2,335 shares of the electronics maker's stock valued at $111,000 after purchasing an additional 1,341 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Corning during the 4th quarter valued at about $82,000. Institutional investors own 69.80% of the company's stock.

Corning Trading Down 0.1%

Shares of NYSE:GLW opened at $50.42 on Friday. The stock has a market capitalization of $43.18 billion, a PE ratio of 96.96, a price-to-earnings-growth ratio of 1.36 and a beta of 1.11. The company's 50-day moving average price is $47.08 and its two-hundred day moving average price is $47.84. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. Corning Incorporated has a one year low of $37.18 and a one year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. Corning's revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.38 earnings per share. On average, equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 2.22%. Corning's payout ratio is 215.38%.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the sale, the senior vice president now owns 16,117 shares in the company, valued at $800,692.56. This represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on GLW shares. Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Citigroup lowered their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Bank of America raised their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. Finally, Oppenheimer dropped their price target on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $53.75.

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.

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