Corning Incorporated (NYSE:GLW) Shares Sold by Hoey Investments Inc.

Hoey Investments Inc. trimmed its position in Corning Incorporated (NYSE:GLW) by 44.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,500 shares of the electronics maker’s stock after selling 1,200 shares during the period. Hoey Investments Inc.’s holdings in Corning were worth $69,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Sierra Ocean LLC acquired a new position in shares of Corning in the 4th quarter valued at $25,000. Asset Planning Inc acquired a new stake in Corning during the 4th quarter worth about $29,000. Vermillion Wealth Management Inc. acquired a new stake in Corning during the 4th quarter worth about $29,000. Putney Financial Group LLC acquired a new stake in Corning during the 4th quarter worth about $30,000. Finally, Mainstream Capital Management LLC acquired a new stake in Corning during the 4th quarter worth about $35,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GLW has been the topic of several recent analyst reports. Bank of America increased their target price on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. JPMorgan Chase & Co. lowered their target price on shares of 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 target price on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Citigroup lowered their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.08.

Corning Trading Down 2.5%

GLW opened at $49.54 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company’s 50 day simple moving average is $46.19 and its two-hundred day simple moving average is $47.77. Corning Incorporated has a 1-year low of $37.05 and a 1-year high of $55.33. The firm has a market capitalization of $42.43 billion, a price-to-earnings ratio of 85.42, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period last year, the company posted $0.38 EPS. The business’s revenue was up 12.9% on a year-over-year basis. Analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s dividend payout ratio (DPR) is 215.38%.

Insiders Place Their Bets

In other news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now owns 9,610 shares of the company’s stock, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Soumya Seetharam sold 14,313 shares of Corning stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total transaction of $715,793.13. Following the sale, the senior vice president now directly owns 31,505 shares in the company, valued at approximately $1,575,565.05. The trade was a 31.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock valued at $3,632,635 in the last ninety days. 0.40% of the stock is currently owned by corporate insiders.

Corning Company 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.