Norden Group LLC Trims Stake in Corning Incorporated (NYSE:GLW)

Norden Group LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 24.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,092 shares of the electronics maker’s stock after selling 3,016 shares during the quarter. Norden Group LLC’s holdings in Corning were worth $277,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of GLW. Peoples Bank KS bought a new stake in Corning during the third quarter valued at approximately $25,000. OFI Invest Asset Management bought a new stake in Corning in the third quarter worth $25,000. SRS Capital Advisors Inc. boosted its holdings in Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 652 shares during the period. Bruce G. Allen Investments LLC bought a new position in shares of Corning in the fourth quarter worth approximately $31,000. Finally, Emfo LLC bought a new position in shares of Corning during the fourth quarter valued at about $33,000. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

Shares of NYSE:GLW opened at $33.48 on Thursday. The business has a fifty day moving average price of $32.32 and a 200-day moving average price of $30.55. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The company has a market capitalization of $28.64 billion, a PE ratio of 47.15, a PEG ratio of 1.85 and a beta of 1.07. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the business earned $0.41 EPS. Corning’s revenue was down 11.5% compared to the same quarter last year. As a group, equities analysts expect that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is 157.75%.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

GLW has been the subject of a number of recent analyst reports. Susquehanna reaffirmed a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. Barclays lifted their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Morgan Stanley restated an “overweight” rating and issued a $35.00 price objective on shares of Corning in a report on Monday, April 22nd. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, UBS Group increased their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $34.89.

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.