Herold Advisors Inc. Sells 500 Shares of Corning Incorporated (NYSE:GLW)

Herold Advisors Inc. cut its position in shares of Corning Incorporated (NYSE:GLW) by 3.1% in the fourth quarter, HoldingsChannel reports. The firm owned 15,850 shares of the electronics maker’s stock after selling 500 shares during the period. Herold Advisors Inc.’s holdings in Corning were worth $483,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Management Group LLP raised its position in Corning by 7.7% during the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after purchasing an additional 2,055,388 shares in the last quarter. Morgan Stanley raised its position in shares of Corning by 5.1% in the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after acquiring an additional 1,060,450 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Corning by 15.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after acquiring an additional 2,301,745 shares in the last quarter. Northern Trust Corp raised its position in shares of Corning by 2.0% in the 3rd quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock worth $366,856,000 after acquiring an additional 232,699 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Corning by 6.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after acquiring an additional 490,638 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Morgan Stanley reissued an “overweight” rating and issued a $35.00 price target on shares of Corning in a research report on Monday. Barclays boosted their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. boosted their price target on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, UBS Group boosted their price target on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $34.78.

Insider Buying and Selling

In related 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 transaction, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.40% of the stock is currently owned by insiders.

Corning Stock Performance

Shares of GLW traded down $0.02 during mid-day trading on Friday, reaching $31.33. The company had a trading volume of 3,689,904 shares, compared to its average volume of 4,675,680. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $26.80 billion, a P/E ratio of 46.76, a PEG ratio of 1.74 and a beta of 1.08. The stock has a 50 day moving average of $32.28 and a two-hundred day moving average of $30.45.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting 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 the consensus estimate of $3.26 billion. During the same quarter in the prior year, the business earned $0.47 earnings per share. The company’s revenue was down 12.1% compared to the same quarter last year. On average, analysts expect that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.57%. Corning’s payout ratio is 167.16%.

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.