Royal Bank of Canada Sells 433,553 Shares of Corning Incorporated (NYSE:GLW)

Royal Bank of Canada decreased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 9.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,940,746 shares of the electronics maker's stock after selling 433,553 shares during the quarter. Royal Bank of Canada owned 0.46% of Corning worth $187,264,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Sound Income Strategies LLC increased its holdings in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new stake in Corning during the 4th quarter worth about $25,000. Asset Planning Inc bought a new position in shares of Corning in the fourth quarter worth about $29,000. Mainstream Capital Management LLC acquired a new position in shares of Corning during the fourth quarter worth approximately $35,000. Finally, JFS Wealth Advisors LLC grew its stake in shares of Corning by 171.8% during the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker's stock valued at $38,000 after purchasing an additional 512 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Buying and Selling

In related news, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now owns 9,610 shares in the company, valued at $450,805.10. This represents a 45.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction that occurred 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. 0.40% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Barclays dropped their price objective on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. Oppenheimer reduced their target price 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. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and lifted their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. Finally, StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Price Performance

Shares of GLW traded up $0.20 during midday trading on Wednesday, hitting $48.18. The company's stock had a trading volume of 9,062,016 shares, compared to its average volume of 5,942,469. The stock has a market capitalization of $41.26 billion, a price-to-earnings ratio of 83.06, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company's fifty day simple moving average is $44.70 and its two-hundred day simple moving average is $47.50. Corning Incorporated has a one year low of $35.40 and a one year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly 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. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the prior year, the business earned $0.38 earnings per share. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, equities analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning's payout ratio is 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.