Shufro Rose & Co. LLC Has $44.31 Million Position in Corning Incorporated (NYSE:GLW)

Shufro Rose & Co. LLC reduced its position in Corning Incorporated (NYSE:GLW - Free Report) by 3.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 932,446 shares of the electronics maker's stock after selling 31,685 shares during the period. Corning makes up about 3.4% of Shufro Rose & Co. LLC's holdings, making the stock its 6th biggest holding. Shufro Rose & Co. LLC owned approximately 0.11% of Corning worth $44,310,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sound Income Strategies LLC boosted its position in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC purchased a new position in Corning in the 4th quarter valued at about $25,000. Asset Planning Inc bought a new position in shares of Corning during the fourth quarter worth about $29,000. Vermillion Wealth Management Inc. bought a new position in shares of Corning during the fourth quarter worth about $29,000. Finally, Putney Financial Group LLC bought a new position in shares of Corning during the fourth quarter worth about $30,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm'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 transaction of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the transaction, 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 69,291 shares of company stock worth $3,307,320. 0.40% of the stock is owned by company insiders.

Corning Stock Performance

Shares of NYSE:GLW traded up $0.50 during trading hours on Thursday, hitting $49.95. The stock had a trading volume of 5,306,668 shares, compared to its average volume of 5,972,072. The stock's fifty day simple moving average is $44.82 and its 200 day simple moving average is $47.54. Corning Incorporated has a 1-year low of $35.40 and a 1-year high of $55.33. The firm has a market capitalization of $42.78 billion, a price-to-earnings ratio of 86.13, a PEG ratio of 1.50 and a beta of 1.09. 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 (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter last year, the business earned $0.38 earnings per share. Corning's revenue was up 12.9% compared to the same quarter last year. Sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders 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 2.24%. Corning's payout ratio is currently 215.38%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on GLW shares. Oppenheimer reduced their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and increased their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Finally, Barclays reduced their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. 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 company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $53.08.

Corning Company 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.