Sicart Associates LLC Sells 12,500 Shares of Corning Incorporated (NYSE:GLW)

Sicart Associates LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 10.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 106,339 shares of the electronics maker's stock after selling 12,500 shares during the period. Corning accounts for 1.7% of Sicart Associates LLC's portfolio, making the stock its 24th largest holding. Sicart Associates LLC's holdings in Corning were worth $4,868,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of GLW. Vermillion Wealth Management Inc. bought a new position in Corning in the 4th quarter worth approximately $29,000. Putney Financial Group LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $30,000. Mainstream Capital Management LLC purchased a new position in shares of Corning in the fourth quarter worth $35,000. Transce3nd LLC bought a new position in shares of Corning during the fourth quarter worth $39,000. Finally, ORG Partners LLC grew its stake in Corning by 115.8% during the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock valued at $40,000 after acquiring an additional 476 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Trading Up 0.3%

Shares of GLW opened at $51.87 on Friday. The company's fifty day simple moving average is $48.09 and its 200-day simple moving average is $47.92. The company has a market cap of $44.42 billion, a P/E ratio of 99.74, a P/E/G ratio of 1.40 and a beta of 1.11. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last issued 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. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The firm's revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 EPS. As a group, analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.16%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is presently 215.38%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. JPMorgan Chase & Co. decreased their price target on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Oppenheimer decreased their target price 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 report on Tuesday, April 15th. Citigroup decreased 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. Finally, Bank of America raised their target price on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.75.

Insiders Place Their Bets

In other news, SVP Soumya Seetharam sold 6,505 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $50.01, for a total value of $325,315.05. Following the transaction, the senior vice president now directly owns 25,000 shares in the company, valued at approximately $1,250,250. This represents a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president now directly owns 9,610 shares of the company's stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock worth $3,632,635 over the last quarter. Company insiders own 0.40% of the company's stock.

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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