Boyar Asset Management Inc. Sells 1,135 Shares of Corning Incorporated (NYSE:GLW)

Boyar Asset Management Inc. lowered its position in shares of Corning Incorporated (NYSE:GLW) by 11.8% in the 1st quarter, Holdings Channel.com reports. The fund owned 8,500 shares of the electronics maker’s stock after selling 1,135 shares during the period. Boyar Asset Management Inc.’s holdings in Corning were worth $389,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. Vanguard Group Inc. boosted its stake in Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock valued at $4,747,402,000 after buying an additional 916,528 shares during the period. Geode Capital Management LLC grew its holdings in shares of Corning by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after purchasing an additional 533,686 shares in the last quarter. Northern Trust Corp increased its position in shares of Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock worth $516,560,000 after purchasing an additional 208,826 shares during the last quarter. Norges Bank bought a new stake in Corning during the fourth quarter valued at approximately $490,933,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Corning by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock worth $465,723,000 after buying an additional 78,497 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Corning news, SVP Soumya Seetharam sold 14,313 shares of the firm’s stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the completion of the transaction, the senior vice president now owns 31,505 shares of the company’s stock, valued at approximately $1,575,565.05. This trade represents a 31.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP John Z. Zhang sold 9,610 shares of the company’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total transaction of $473,676.90. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock worth $3,632,635 in the last quarter. 0.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently commented on GLW shares. JPMorgan Chase & Co. reduced their target price on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Oppenheimer lowered their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Bank of America lifted their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Finally, Citigroup dropped their target price on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.75.

Corning Stock Performance

Shares of GLW stock opened at $51.49 on Thursday. The firm has a market capitalization of $44.10 billion, a price-to-earnings ratio of 99.02, a PEG ratio of 1.39 and a beta of 1.11. The stock has a fifty day moving average of $47.68 and a 200 day moving average of $47.87. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $55.33. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The firm had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.63 billion. During the same period last year, the company posted $0.38 EPS. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s dividend payout ratio is currently 215.38%.

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.