Trinity Financial Advisors LLC Sells 6,282 Shares of Corning Incorporated (NYSE:GLW)

Trinity Financial Advisors LLC lessened its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 83.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,218 shares of the electronics maker's stock after selling 6,282 shares during the period. Trinity Financial Advisors LLC's holdings in Corning were worth $56,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tallon Kerry Patrick purchased a new stake in shares of Corning in the fourth quarter worth $302,000. Van ECK Associates Corp raised its position in Corning by 343.6% during the fourth quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker's stock valued at $5,433,000 after purchasing an additional 88,558 shares in the last quarter. LMR Partners LLP raised its position in Corning by 140.1% during the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock valued at $57,045,000 after purchasing an additional 700,442 shares in the last quarter. Assetmark Inc. raised its position in Corning by 101.5% during the fourth quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock valued at $51,000 after purchasing an additional 542 shares in the last quarter. Finally, Gotham Asset Management LLC purchased a new stake in Corning during the fourth quarter valued at about $306,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Activity

In other news, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction 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 completion of the sale, the vice president now owns 9,610 shares of the company's stock, valued at $450,805.10. The trade was a 45.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Soumya Seetharam sold 14,313 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total transaction of $715,793.13. Following the sale, the senior vice president now directly owns 31,505 shares of the company's stock, valued at approximately $1,575,565.05. The trade was a 31.24% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,796 shares of company stock worth $3,632,635. Insiders own 0.40% of the company's stock.

Corning Stock Down 2.5%

Corning stock traded down $1.28 during trading hours on Friday, hitting $49.54. 3,573,448 shares of the stock traded hands, compared to its average volume of 5,917,446. The firm's 50-day moving average price is $46.19 and its two-hundred day moving average price is $47.76. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a market cap of $42.43 billion, a PE ratio of 85.42, a PEG ratio of 1.50 and a beta of 1.11. 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 posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business's revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 EPS. On average, research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

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

Wall Street Analyst Weigh In

GLW has been the topic of a number of research reports. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Oppenheimer lowered 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. Bank of America lifted their price objective on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. decreased their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. Four equities research 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. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $53.08.

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.