Corning Incorporated (NYSE:GLW) Shares Sold by Pine Valley Investments Ltd Liability Co

Pine Valley Investments Ltd Liability Co lessened its stake in Corning Incorporated (NYSE:GLW) by 1.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 40,069 shares of the electronics maker’s stock after selling 393 shares during the period. Pine Valley Investments Ltd Liability Co’s holdings in Corning were worth $1,557,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its holdings in Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after purchasing an additional 2,597,878 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after purchasing an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Corning by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock valued at $296,054,000 after purchasing an additional 146,807 shares in the last quarter. Norges Bank purchased a new stake in Corning in the 4th quarter valued at approximately $247,721,000. Finally, FIL Ltd boosted its holdings in Corning by 1.5% in the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock valued at $218,609,000 after purchasing an additional 105,994 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 0.6 %

Shares of Corning stock opened at $41.85 on Friday. The company has a fifty day moving average price of $41.31 and a 200 day moving average price of $36.47. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The stock has a market cap of $35.81 billion, a price-to-earnings ratio of 58.94, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the prior year, the company earned $0.45 EPS. The firm’s revenue was up 3.5% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.68%. Corning’s dividend payout ratio (DPR) is 157.75%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on GLW shares. Citigroup lifted their price objective on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Barclays boosted their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Susquehanna boosted their price target on Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a research note on Wednesday, July 31st. Finally, Bank of America cut their price objective on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $45.62.

Insider Buying and Selling

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.40% of the stock is owned by corporate insiders.

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.