Clearstead Trust LLC Decreases Holdings in Corning Incorporated (NYSE:GLW)

Clearstead Trust LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 33.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,237 shares of the electronics maker’s stock after selling 6,196 shares during the period. Clearstead Trust LLC’s holdings in Corning were worth $373,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Robeco Institutional Asset Management B.V. increased its stake in Corning by 2.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 109,977 shares of the electronics maker’s stock worth $3,351,000 after purchasing an additional 2,308 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in Corning by 9.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 269,980 shares of the electronics maker’s stock worth $8,226,000 after purchasing an additional 24,225 shares during the period. Stratos Wealth Partners LTD. increased its stake in Corning by 152.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 21,262 shares of the electronics maker’s stock worth $648,000 after purchasing an additional 12,836 shares during the period. Bank of New York Mellon Corp increased its stake in Corning by 6.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after purchasing an additional 490,638 shares during the period. Finally, Forsta AP Fonden increased its stake in shares of Corning by 11.2% during the third quarter. Forsta AP Fonden now owns 229,000 shares of the electronics maker’s stock valued at $6,978,000 after buying an additional 23,100 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

GLW traded up $0.15 on Friday, hitting $33.72. 4,490,410 shares of the company’s stock traded hands, compared to its average volume of 5,093,209. The company’s 50 day simple moving average is $32.36 and its 200-day simple moving average is $30.65. The firm has a market cap of $28.84 billion, a price-to-earnings ratio of 47.49, a P/E/G ratio of 1.71 and a beta of 1.07. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.41 EPS. As a group, research analysts anticipate that Corning Incorporated will post 1.9 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date is Friday, May 31st. Corning’s payout ratio is currently 157.75%.

Wall Street Analysts Forecast Growth

GLW has been the topic of several research analyst reports. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research note on Thursday, February 1st. UBS Group lifted their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Barclays lifted their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, Susquehanna reissued a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Corning currently has a consensus rating of “Hold” and an average price target of $34.89.

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The disclosure for this sale can be found here. Insiders sold a total of 119,988 shares of company stock worth $3,984,964 in the last quarter. 0.40% of the stock is owned by company 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.