Corrado Advisors LLC Trims Stock Holdings in Corning Incorporated (NYSE:GLW)

Corrado Advisors LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,195 shares of the electronics maker’s stock after selling 697 shares during the quarter. Corrado Advisors LLC’s holdings in Corning were worth $1,720,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund lifted its position in Corning by 0.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after buying an additional 204 shares during the period. Richard Bernstein Advisors LLC purchased a new position in Corning during the fourth quarter worth about $2,736,000. Lake Street Advisors Group LLC lifted its position in Corning by 4.5% during the fourth quarter. Lake Street Advisors Group LLC now owns 5,688 shares of the electronics maker’s stock worth $270,000 after buying an additional 244 shares during the period. Illinois Municipal Retirement Fund lifted its position in Corning by 10.9% during the fourth quarter. Illinois Municipal Retirement Fund now owns 329,279 shares of the electronics maker’s stock worth $15,647,000 after buying an additional 32,329 shares during the period. Finally, Los Angeles Capital Management LLC lifted its position in Corning by 37.9% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,312,541 shares of the electronics maker’s stock worth $109,892,000 after buying an additional 635,028 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Price Performance

GLW stock opened at $49.99 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The firm has a market cap of $42.82 billion, a P/E ratio of 86.19, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The stock has a 50-day simple moving average of $50.08 and a 200-day simple moving average of $47.01.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.24%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent analyst reports. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Barclays cut their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average price target of $53.00.

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.