Parkside Investments LLC Reduces Stock Holdings in Corning Incorporated (NYSE:GLW)

Parkside Investments LLC reduced its position in Corning Incorporated (NYSE:GLW - Free Report) by 15.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 121,322 shares of the electronics maker's stock after selling 22,173 shares during the period. Parkside Investments LLC's holdings in Corning were worth $5,554,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GLW. Oppenheimer decreased their price target on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. Bank of America upped their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, Citigroup decreased 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. Four equities 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's stock. Based on data from MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Price Performance

GLW traded down $1.28 during midday trading on Friday, hitting $49.54. The stock had a trading volume of 3,573,448 shares, compared to its average volume of 5,917,446. The company has a market cap of $42.43 billion, a P/E ratio of 85.42, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. The business has a fifty day moving average of $46.19 and a 200 day moving average of $47.76. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. 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 issued 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 during the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. Corning's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.38 earnings per share. As a group, equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

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

Insider Activity

In other news, SVP Stefan Becker sold 17,106 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president now directly owns 16,117 shares in the company, valued at $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The sale 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 the stock in a transaction on Wednesday, April 30th. The shares were 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. Over the last 90 days, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by company 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.