Corning Incorporated (GLW) Holdings Cut by Mercer Capital Advisers Inc.
Mercer Capital Advisers Inc. cut its position in Corning Incorporated (NYSE:GLW) by 22.6% during the 1st quarter, HoldingsChannel reports. The firm owned 5,000 shares of the electronics maker’s stock after selling 1,456 shares during the quarter. Mercer Capital Advisers Inc.’s holdings in Corning were worth $165,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Riverview Trust Co bought a new position in shares of Corning during the 4th quarter valued at $26,000. Sontag Advisory LLC bought a new position in shares of Corning during the 4th quarter valued at $29,000. Athena Capital Advisors LLC bought a new position in shares of Corning during the 4th quarter valued at $33,000. Essex Savings Bank bought a new position in shares of Corning during the 4th quarter valued at $34,000. Finally, Hanson McClain Inc. grew its holdings in shares of Corning by 72.2% during the 4th quarter. Hanson McClain Inc. now owns 1,193 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 500 shares during the last quarter. 72.08% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:GLW traded up $0.50 on Tuesday, hitting $34.85. The company had a trading volume of 2,421,368 shares, compared to its average volume of 4,267,910. Corning Incorporated has a 1 year low of $26.11 and a 1 year high of $36.56. The company has a current ratio of 2.12, a quick ratio of 1.51 and a debt-to-equity ratio of 0.52. The stock has a market cap of $27.14 billion, a price-to-earnings ratio of 19.58, a P/E/G ratio of 1.98 and a beta of 1.16.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, February 28th were given a dividend of $0.20 per share. This is a boost from Corning’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date was Wednesday, February 27th. Corning’s dividend payout ratio (DPR) is 44.94%.
Several equities analysts recently commented on the stock. Zacks Investment Research lowered shares of Corning from a “hold” rating to a “sell” rating in a report on Tuesday. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, January 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Corning currently has a consensus rating of “Hold” and a consensus price target of $35.50.
In related news, insider David L. Morse sold 35,701 shares of Corning stock in a transaction dated Wednesday, January 30th. The shares were sold at an average price of $33.71, for a total transaction of $1,203,480.71. Following the completion of the transaction, the insider now directly owns 47,961 shares of the company’s stock, valued at approximately $1,616,765.31. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP David L. Morse sold 36,664 shares of Corning stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $35.00, for a total transaction of $1,283,240.00. Following the transaction, the vice president now directly owns 47,527 shares of the company’s stock, valued at $1,663,445. The disclosure for this sale can be found here. Over the last three months, insiders have sold 328,767 shares of company stock valued at $11,162,588. 0.46% of the stock is currently owned by corporate insiders.
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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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