Wilbanks Smith & Thomas Asset Management LLC Has $1 Million Stake in Corning Incorporated (NYSE:GLW)

Wilbanks Smith & Thomas Asset Management LLC lowered its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 44.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,865 shares of the electronics maker's stock after selling 26,431 shares during the period. Wilbanks Smith & Thomas Asset Management LLC's holdings in Corning were worth $1,001,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Harvest Investment Advisors LLC grew its holdings in Corning by 1.0% during the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker's stock worth $1,106,000 after acquiring an additional 364 shares in the last quarter. Venture Visionary Partners LLC grew its holdings in Corning by 2.0% during the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker's stock worth $589,000 after acquiring an additional 380 shares in the last quarter. Fiera Capital Corp boosted its holdings in shares of Corning by 2.7% in the 3rd quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker's stock valued at $450,000 after buying an additional 385 shares in the last quarter. New World Advisors LLC boosted its holdings in shares of Corning by 3.5% in the 4th quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker's stock valued at $359,000 after buying an additional 400 shares in the last quarter. Finally, Western Wealth Management LLC boosted its holdings in shares of Corning by 1.6% in the 3rd quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker's stock valued at $784,000 after buying an additional 405 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity at Corning

In other Corning news, SVP John Z. Zhang sold 12,546 shares of the firm's stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares of the company's stock, valued at approximately $379,484.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Corning news, SVP John Z. Zhang sold 12,546 shares of the firm's stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares of the company's stock, valued at approximately $379,484.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 119,988 shares of company stock valued at $3,984,964. Insiders own 0.40% of the company's stock.

Corning Price Performance

Shares of GLW traded up $0.15 during trading hours on Friday, reaching $33.72. The company had a trading volume of 4,490,048 shares, compared to its average volume of 4,846,409. The firm has a 50 day simple moving average of $32.34 and a 200-day simple moving average of $30.57. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $28.84 billion, a price-to-earnings ratio of 47.49, a PEG ratio of 1.84 and a beta of 1.07. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts' consensus estimates of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to analysts' expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm's revenue was down 11.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.41 EPS. Research analysts expect that Corning Incorporated will post 1.88 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 3.32%. Corning's payout ratio is 157.75%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on GLW shares. UBS Group upped their target price on shares of Corning from $34.00 to $35.00 and gave the company a "neutral" rating in a report on Monday, April 8th. JPMorgan Chase & Co. upped their target price on shares of Corning from $36.00 to $37.00 and gave the company a "neutral" rating in a report on Wednesday. Susquehanna reiterated a "positive" rating and issued a $40.00 price target on shares of Corning in a research report on Monday, April 1st. HSBC downgraded shares of Corning from a "hold" rating to a "reduce" rating and set a $29.00 price target for the company. in a research report on Thursday, February 1st. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $35.00 price target on shares of Corning in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Corning has a consensus rating of "Hold" and a consensus price target of $34.89.

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.