Palouse Capital Management Inc. Sells 4,205 Shares of Corning Incorporated (NYSE:GLW)

Palouse Capital Management Inc. decreased its holdings in Corning Incorporated (NYSE:GLW) by 7.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 55,126 shares of the electronics maker’s stock after selling 4,205 shares during the quarter. Palouse Capital Management Inc.’s holdings in Corning were worth $1,679,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Corning during the 4th quarter worth $241,456,000. Price T Rowe Associates Inc. MD raised its stake in shares of Corning by 74.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,681,332 shares of the electronics maker’s stock worth $306,278,000 after purchasing an additional 3,694,339 shares during the period. Morgan Stanley raised its stake in shares of Corning by 26.5% during the 4th quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock worth $438,666,000 after purchasing an additional 2,875,197 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after purchasing an additional 2,301,745 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Corning by 7.7% during the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after purchasing an additional 2,055,388 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on 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 sale, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research reports. UBS Group boosted their price objective on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Barclays upped their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. upped their target price on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Corning has an average rating of “Hold” and a consensus target price of $34.56.

Corning Trading Up 1.2 %

Shares of Corning stock traded up $0.36 during midday trading on Friday, reaching $31.27. 4,636,505 shares of the company’s stock traded hands, compared to its average volume of 4,754,716. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The company has a market cap of $26.75 billion, a PE ratio of 46.67, a price-to-earnings-growth ratio of 1.71 and a beta of 1.08. The stock has a 50 day moving average of $32.31 and a 200-day moving average of $30.39. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 earnings per share. As a group, equities analysts expect that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.58%. Corning’s payout ratio is 167.16%.

Corning 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.