Corning Incorporated (NYSE:GLW) Shares Sold by Verity & Verity LLC

Verity & Verity LLC trimmed its position in Corning Incorporated (NYSE:GLW - Free Report) by 20.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 530,991 shares of the electronics maker's stock after selling 133,283 shares during the quarter. Corning accounts for 2.1% of Verity & Verity LLC's holdings, making the stock its 13th largest holding. Verity & Verity LLC owned about 0.06% of Corning worth $24,309,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Oregon Public Employees Retirement Fund lifted its stake in shares of Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock worth $3,139,000 after purchasing an additional 204 shares during the last quarter. Principal Securities Inc. increased its position in Corning by 3.5% during the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock valued at $293,000 after buying an additional 211 shares in the last quarter. University of Texas Texas AM Investment Management Co. increased its position in Corning by 9.7% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after buying an additional 214 shares in the last quarter. Bogart Wealth LLC increased its position in Corning by 18.3% during the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock valued at $67,000 after buying an additional 219 shares in the last quarter. Finally, Allworth Financial LP increased its position in Corning by 1.1% during the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock valued at $930,000 after buying an additional 220 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of NYSE 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 capitalization of $42.43 billion, a PE ratio of 85.42, a P/E/G ratio of 1.50 and a beta of 1.11. The stock has a 50 day simple moving average of $46.19 and a 200-day simple moving average of $47.76. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last released its earnings results 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 the consensus estimate of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.38 earnings per share. On average, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued 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 2.26%. Corning's dividend payout ratio is presently 215.38%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on GLW shares. Bank of America upped their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Citigroup cut 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. JPMorgan Chase & Co. lowered their target price on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, Oppenheimer lowered their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $53.08.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the sale, the senior vice president now directly owns 16,117 shares of the company's stock, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. 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 insiders.

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.