Stiles Financial Services Inc Has $1.14 Million Position in Corning Incorporated (NYSE:GLW)

Stiles Financial Services Inc reduced its stake in Corning Incorporated (NYSE:GLW) by 6.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,406 shares of the electronics maker’s stock after selling 2,703 shares during the period. Stiles Financial Services Inc’s holdings in Corning were worth $1,139,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in GLW. Federated Hermes Inc. boosted its holdings in shares of Corning by 5.7% in the 3rd quarter. Federated Hermes Inc. now owns 6,079 shares of the electronics maker’s stock worth $176,000 after buying an additional 328 shares during the last quarter. Harvest Investment Advisors LLC boosted its position in Corning by 0.9% during the second quarter. Harvest Investment Advisors LLC now owns 35,922 shares of the electronics maker’s stock worth $1,259,000 after purchasing an additional 335 shares during the period. Smith Moore & CO. boosted its position in Corning by 2.5% during the first quarter. Smith Moore & CO. now owns 14,583 shares of the electronics maker’s stock worth $514,000 after purchasing an additional 350 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its position in Corning by 1.6% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 22,337 shares of the electronics maker’s stock worth $713,000 after purchasing an additional 360 shares during the period. Finally, Venture Visionary Partners LLC boosted its position in Corning by 2.0% during the fourth quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock worth $589,000 after purchasing an additional 380 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GLW has been the subject of a number of research reports. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research report on Thursday, February 1st. UBS Group increased their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday. Barclays increased their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com raised shares of 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 price target on shares of Corning in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $34.00.

Insiders Place Their Bets

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.45% of the company’s stock.

Corning Price Performance

GLW traded up $0.36 on Tuesday, reaching $32.55. The company had a trading volume of 4,344,996 shares, compared to its average volume of 4,768,343. The business has a 50 day simple moving average of $32.44 and a 200 day simple moving average of $30.32. The company has a market cap of $27.84 billion, a price-to-earnings ratio of 48.06, a P/E/G ratio of 1.85 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. The firm had revenue of $2.99 billion for 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 business’s revenue was down 12.1% compared to the same quarter last year. During the same period last year, the firm posted $0.47 earnings per share. As a group, sell-side analysts anticipate that Corning Incorporated will post 1.86 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.44%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

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.