Advisory Resource Group Sells 357 Shares of Corning Incorporated (NYSE:GLW)

Advisory Resource Group decreased its position in Corning Incorporated (NYSE:GLW) by 5.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,343 shares of the electronics maker’s stock after selling 357 shares during the quarter. Advisory Resource Group’s holdings in Corning were worth $290,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in GLW. Tallon Kerry Patrick purchased a new stake in shares of Corning in the fourth quarter worth $302,000. Brighton Jones LLC grew its stake in shares of Corning by 46.0% in the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock worth $319,000 after acquiring an additional 2,114 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Corning by 171.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 109,103 shares of the electronics maker’s stock worth $5,096,000 after acquiring an additional 68,889 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Corning by 343.6% in the fourth quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker’s stock worth $5,433,000 after acquiring an additional 88,558 shares during the last quarter. Finally, Nations Financial Group Inc. IA ADV bought a new stake in Corning during the 4th quarter valued at approximately $204,000. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

GLW opened at $50.43 on Thursday. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $55.33. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The business’s fifty day simple moving average is $46.71 and its 200-day simple moving average is $47.81. The company has a market capitalization of $43.19 billion, a price-to-earnings ratio of 96.98, a PEG ratio of 1.36 and a beta of 1.11.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the company earned $0.38 EPS. The business’s revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Friday, May 30th. Corning’s dividend payout ratio (DPR) is currently 215.38%.

Insider Buying and Selling

In related news, SVP Soumya Seetharam sold 6,505 shares of the company’s stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total transaction of $325,315.05. Following the completion of the sale, the senior vice president now directly owns 25,000 shares in the company, valued at $1,250,250. This represents a 20.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock worth $3,632,635 in the last three months. 0.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on GLW shares. Oppenheimer cut their target price on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Bank of America lifted their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Citigroup dropped their target price on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Mizuho set a $52.00 target price on Corning in a report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target of $53.75.

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.