Sitrin Capital Management LLC Decreases Holdings in Corning Incorporated (NYSE:GLW)

Sitrin Capital Management LLC cut its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 95.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,717 shares of the electronics maker's stock after selling 127,957 shares during the quarter. Sitrin Capital Management LLC's holdings in Corning were worth $205,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of GLW. Peoples Bank KS bought a new position in Corning in the 3rd quarter worth $25,000. OFI Invest Asset Management acquired a new stake in Corning in the 3rd quarter valued at approximately $25,000. Janiczek Wealth Management LLC grew its holdings in Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker's stock valued at $27,000 after buying an additional 571 shares during the last quarter. Quarry LP bought a new position in Corning in the 2nd quarter worth approximately $32,000. Finally, SRS Capital Advisors Inc. lifted its holdings in shares of Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker's stock worth $28,000 after buying an additional 652 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company's stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares of the company's stock, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.40% of the stock is currently owned by insiders.

Corning Price Performance

Shares of GLW stock traded up $0.17 during trading hours on Friday, hitting $32.54. 4,540,115 shares of the company's stock were exchanged, compared to its average volume of 4,153,187. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The stock has a market cap of $27.83 billion, a price-to-earnings ratio of 48.57, a price-to-earnings-growth ratio of 1.84 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The stock's 50-day moving average is $32.42 and its 200-day moving average is $30.34.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting analysts' consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period last year, the company earned $0.47 EPS. The business's quarterly revenue was down 12.1% compared to the same quarter last year. As a group, research analysts forecast that Corning Incorporated will post 1.86 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning's dividend payout ratio is 167.16%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GLW. StockNews.com raised shares of Corning from a "sell" rating to a "hold" rating in a research report on Monday, April 1st. HSBC lowered Corning from a "hold" rating to a "reduce" rating and set a $29.00 price objective on the stock. in a report on Thursday, February 1st. Barclays raised their target price on Corning from $28.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 31st. UBS Group lifted their price target on shares of Corning from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Thursday, January 11th. Finally, Susquehanna restated a "positive" rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, Corning has an average rating of "Hold" and an average price target of $33.67.

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.