Cwm LLC Sells 2,616 Shares of Corning Incorporated (NYSE:GLW)

Cwm LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 11.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,290 shares of the electronics maker’s stock after selling 2,616 shares during the quarter. Cwm LLC’s holdings in Corning were worth $618,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC raised its stake in shares of Corning by 0.7% in the third quarter. Commonwealth Equity Services LLC now owns 807,939 shares of the electronics maker’s stock valued at $24,618,000 after purchasing an additional 5,242 shares in the last quarter. RMR Wealth Builders acquired a new position in shares of Corning in the 3rd quarter valued at $461,000. Kingswood Wealth Advisors LLC lifted its holdings in shares of Corning by 157.6% during the 3rd quarter. Kingswood Wealth Advisors LLC now owns 16,306 shares of the electronics maker’s stock worth $497,000 after acquiring an additional 9,975 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in shares of Corning by 2.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 109,977 shares of the electronics maker’s stock valued at $3,351,000 after acquiring an additional 2,308 shares in the last quarter. Finally, Xponance Inc. increased its stake in Corning by 5.2% in the third quarter. Xponance Inc. now owns 106,466 shares of the electronics maker’s stock valued at $3,244,000 after acquiring an additional 5,294 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.45% of the company’s stock.

Corning Stock Performance

Corning stock opened at $33.38 on Wednesday. The stock has a 50-day simple moving average of $32.30 and a 200 day simple moving average of $30.53. The stock has a market capitalization of $28.55 billion, a price-to-earnings ratio of 49.82, a P/E/G ratio of 1.76 and a beta of 1.08. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company’s revenue was down 12.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.47 earnings per share. On average, research analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.36%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is 167.16%.

Analysts Set New Price Targets

GLW has been the subject of a number of analyst reports. Morgan Stanley restated an “overweight” rating and set a $35.00 price target on shares of Corning in a research note on Monday, April 22nd. JPMorgan Chase & Co. boosted their price target on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Susquehanna reiterated a “positive” rating and issued a $40.00 price target on shares of Corning in a research report on Monday, April 1st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, UBS Group upped their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $34.78.

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.