Arvest Investments Inc. Decreases Stake in Corning Incorporated (NYSE:GLW)

Arvest Investments Inc. reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 4.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 38,009 shares of the electronics maker’s stock after selling 1,849 shares during the period. Arvest Investments Inc.’s holdings in Corning were worth $1,740,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund raised its stake in shares of Corning by 0.3% during the 4th 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 last quarter. Principal Securities Inc. raised its stake in shares of Corning by 3.5% during the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock worth $293,000 after buying an additional 211 shares during the last quarter. University of Texas Texas AM Investment Management Co. raised its stake in shares of Corning by 9.7% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker’s stock worth $115,000 after buying an additional 214 shares during the last quarter. Bogart Wealth LLC raised its stake in shares of Corning by 18.3% during the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after buying an additional 219 shares during the last quarter. Finally, Allworth Financial LP raised its stake in shares of Corning by 1.1% during the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after buying an additional 220 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GLW. Wall Street Zen downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Bank of America boosted their target price on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. 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 research note on Wednesday, April 30th. Finally, Citigroup cut their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.08.

Corning Stock Down 0.3%

Shares of NYSE:GLW opened at $50.45 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 $37.05 and a 1 year high of $55.33. The stock has a market capitalization of $43.21 billion, a P/E ratio of 86.98, a PEG ratio of 1.50 and a beta of 1.11. The stock has a 50-day simple moving average of $45.76 and a 200-day simple moving average of $47.74.

Corning (NYSE:GLW) last issued its 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 15.10% and a net margin of 3.86%. The business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.63 billion. During the same quarter in the previous year, the business earned $0.38 EPS. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. Equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s dividend payout ratio is presently 215.38%.

Insiders Place Their Bets

In other Corning news, VP John Z. Zhang sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president now owns 9,610 shares in the company, valued at $450,805.10. This represents a 45.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the company’s stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the transaction, the senior vice president now owns 16,117 shares of the company’s stock, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock worth $3,632,635 in the last 90 days. 0.40% of the stock is owned by company insiders.

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.