RFG Advisory LLC Sells 1,109 Shares of Corning Incorporated (NYSE:GLW)

RFG Advisory LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 9.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,032 shares of the electronics maker’s stock after selling 1,109 shares during the period. RFG Advisory LLC’s holdings in Corning were worth $364,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in GLW. Norges Bank bought a new stake in Corning in the 4th quarter worth approximately $247,721,000. Wellington Management Group LLP grew its position in shares of Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after acquiring an additional 2,597,878 shares during the period. Ameriprise Financial Inc. grew its position in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Corning by 41.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after acquiring an additional 1,828,097 shares during the period. Finally, Federated Hermes Inc. grew its position in shares of Corning by 1,329.2% during the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after acquiring an additional 1,229,031 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.4 %

Shares of GLW stock opened at $39.90 on Tuesday. The stock has a market cap of $34.18 billion, a P/E ratio of 56.20, a PEG ratio of 1.82 and a beta of 1.08. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $40.46. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company’s fifty day simple moving average is $35.34 and its two-hundred day simple moving average is $32.90.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue was down 11.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.41 EPS. Analysts predict that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced 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 2.81%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s dividend payout ratio is 157.75%.

Insider Activity

In other news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 175,207 shares of company stock worth $5,876,067. 0.45% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Mizuho boosted their price objective on shares of Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, June 18th. JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $37.00 to $43.00 in a report on Thursday, May 30th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a report on Monday, June 17th. UBS Group upped their target price on shares of Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Finally, Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $38.67.

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.