Corning Incorporated (NYSE:GLW) Holdings Decreased by Western Wealth Management LLC

Western Wealth Management LLC lowered its position in Corning Incorporated (NYSE:GLW - Free Report) by 42.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,251 shares of the electronics maker's stock after selling 24,315 shares during the period. Western Wealth Management LLC's holdings in Corning were worth $1,580,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of GLW. Sound Income Strategies LLC lifted 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 buying an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc purchased a new stake in shares of Corning in the fourth quarter valued at approximately $29,000. Mainstream Capital Management LLC bought a new position in Corning in the fourth quarter worth approximately $35,000. Finally, JFS Wealth Advisors LLC increased its holdings in Corning by 171.8% during the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker's stock worth $38,000 after purchasing an additional 512 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 20,262 shares of the 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the firm'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 sale, the vice president now directly owns 9,610 shares of the company's stock, valued at approximately $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Mizuho set a $52.00 target price on Corning in a report on Tuesday, April 15th. Bank of America upped their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Citigroup lowered their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, HSBC raised shares of Corning from a "hold" rating to a "buy" rating and lifted their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Corning currently has an average rating of "Moderate Buy" and a consensus target price of $53.08.

Corning Stock Down 0.9%

Shares of GLW stock traded down $0.47 on Wednesday, reaching $49.45. 1,702,445 shares of the stock were exchanged, compared to its average volume of 5,954,978. The company has a market capitalization of $42.36 billion, a price-to-earnings ratio of 85.20, a PEG ratio of 1.50 and a beta of 1.09. The business's 50 day moving average price is $44.80 and its 200 day moving average price is $47.52. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $35.40 and a twelve month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share 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 business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The business's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, sell-side analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

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