Weatherly Asset Management L. P. Sells 7,157 Shares of Corning Incorporated (NYSE:GLW)

Weatherly Asset Management L. P. lowered its stake in Corning Incorporated (NYSE:GLW – Get Rating) by 16.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,950 shares of the electronics maker’s stock after selling 7,157 shares during the quarter. Weatherly Asset Management L. P.’s holdings in Corning were worth $1,180,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Standard Family Office LLC bought a new stake in shares of Corning in the 3rd quarter worth $29,000. CI Investments Inc. lifted its holdings in shares of Corning by 981.9% in the third quarter. CI Investments Inc. now owns 1,017 shares of the electronics maker’s stock worth $30,000 after buying an additional 923 shares in the last quarter. Chilton Capital Management LLC purchased a new stake in shares of Corning in the second quarter worth about $32,000. Core Alternative Capital lifted its holdings in shares of Corning by 488.3% in the third quarter. Core Alternative Capital now owns 1,206 shares of the electronics maker’s stock worth $35,000 after buying an additional 1,001 shares in the last quarter. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Corning in the third quarter worth approximately $35,000. Institutional investors own 67.79% of the company’s stock.

Corning Stock Performance

NYSE GLW traded down $0.51 on Friday, hitting $32.82. 6,649,983 shares of the company’s stock traded hands, compared to its average volume of 3,775,651. The firm has a market capitalization of $27.78 billion, a PE ratio of 21.31, a P/E/G ratio of 2.26 and a beta of 1.07. Corning Incorporated has a 1-year low of $28.98 and a 1-year high of $38.71. The firm’s 50-day moving average price is $35.10 and its two-hundred day moving average price is $33.36. The company has a current ratio of 1.44, a quick ratio of 0.88 and a debt-to-equity ratio of 0.54.

Corning (NYSE:GLW – Get Rating) last issued its quarterly earnings results on Tuesday, January 31st. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The firm had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.54 billion. Corning had a return on equity of 14.82% and a net margin of 9.27%. The business’s revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 earnings per share. As a group, analysts expect that Corning Incorporated will post 1.96 EPS for the current year.

Corning Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Tuesday, February 28th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Monday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.27. Corning’s dividend payout ratio is 72.73%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent research reports. UBS Group increased their price target on shares of Corning from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, January 11th. Susquehanna boosted their price target on Corning from $39.00 to $40.00 and gave the company a “positive” rating in a report on Thursday, February 2nd. Morgan Stanley cut their price objective on Corning from $36.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 13th. StockNews.com initiated coverage on Corning in a research report on Thursday. They issued a “hold” rating on the stock. Finally, Credit Suisse Group lowered their price objective on Corning from $41.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 1st. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $37.78.

Insider Activity at Corning

In other news, insider Li Fang sold 19,909 shares of the company’s stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total transaction of $700,199.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Corning news, insider Li Fang sold 19,909 shares of the stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total transaction of $700,199.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Z. Zhang sold 4,655 shares of the stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $36.00, for a total value of $167,580.00. Following the transaction, the vice president now directly owns 5,744 shares of the company’s stock, valued at $206,784. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.

Corning Company Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.