Corning Incorporated (NYSE:GLW) Shares Sold by Parkside Investments LLC

Parkside Investments LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 11.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 197,556 shares of the electronics maker’s stock after selling 25,338 shares during the quarter. Parkside Investments LLC’s holdings in Corning were worth $6,511,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Alaska Permanent Fund Corp increased its stake in shares of Corning by 0.4% during the 1st quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after purchasing an additional 329 shares in the last quarter. Level Four Advisory Services LLC lifted its holdings in shares of Corning by 3.8% during the 4th quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock valued at $287,000 after acquiring an additional 343 shares in the last quarter. Madison Asset Management LLC lifted its holdings in shares of Corning by 0.7% during the 4th quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock valued at $1,617,000 after acquiring an additional 349 shares in the last quarter. Harvest Investment Advisors LLC lifted its holdings in shares of Corning by 1.0% during the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock valued at $1,106,000 after acquiring an additional 364 shares in the last quarter. Finally, Venture Visionary Partners LLC lifted its holdings in Corning by 2.0% in the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock worth $589,000 after buying an additional 380 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the sale, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now directly owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. In the last three months, insiders sold 175,207 shares of company stock valued at $5,876,067. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GLW. Citigroup boosted their target price on shares of Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. UBS Group boosted their target price on shares of Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, May 30th. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $37.00 to $43.00 in a research report on Thursday, May 30th. Finally, Susquehanna reaffirmed a “positive” rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $38.67.

Corning Stock Performance

Corning stock traded down $1.02 during midday trading on Wednesday, reaching $38.75. 4,849,661 shares of the stock traded hands, compared to its average volume of 5,271,677. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The firm has a fifty day moving average price of $35.52 and a two-hundred day moving average price of $32.97. The firm has a market cap of $33.19 billion, a price-to-earnings ratio of 55.38, a PEG ratio of 1.81 and a beta of 1.08. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $40.46.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.41 EPS. On average, equities research analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Friday, May 31st. Corning’s dividend payout ratio is currently 157.75%.

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.