Integrated Advisors Network LLC Sells 101,723 Shares of Corning Incorporated (NYSE:GLW)

Integrated Advisors Network LLC reduced its position in Corning Incorporated (NYSE:GLW) by 89.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,092 shares of the electronics maker’s stock after selling 101,723 shares during the quarter. Integrated Advisors Network LLC’s holdings in Corning were worth $368,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of GLW. Cape Investment Advisory Inc. boosted its stake in shares of Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares during the last quarter. SRS Capital Advisors Inc. boosted its stake in shares of Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC bought a new stake in shares of Corning in the 4th quarter valued at $31,000. EverSource Wealth Advisors LLC boosted its stake in shares of Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 823 shares during the last quarter. Finally, Emfo LLC bought a new stake in shares of Corning in the 4th quarter valued at $33,000. 69.80% of the stock is owned by institutional investors.

Analyst Ratings Changes

GLW has been the topic of several research analyst reports. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research note on Monday. Mizuho increased their target price on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday. UBS Group increased their target price on shares of Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Thursday, May 30th. Morgan Stanley lowered shares of Corning from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $35.00 to $38.00 in a research note on Thursday, June 13th. Finally, StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $37.92.

Insider Activity

In other news, VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the sale, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the sale, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’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 directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The disclosure for this sale can be found here. Insiders sold 252,671 shares of company stock valued at $8,450,971 in the last quarter. 0.45% of the stock is currently owned by insiders.

Corning Price Performance

Shares of NYSE:GLW opened at $40.21 on Wednesday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $40.25. The business has a 50-day simple moving average of $34.68 and a two-hundred day simple moving average of $32.58. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The firm has a market cap of $34.44 billion, a price-to-earnings ratio of 56.63, a price-to-earnings-growth ratio of 1.69 and a beta of 1.08.

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

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s payout ratio is currently 157.75%.

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.