Hartford Financial Management Inc. Has $1.09 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Hartford Financial Management Inc. cut its position in shares of Corning Incorporated (NYSE:GLW) by 2.0% during the 1st quarter, Holdings Channel reports. The firm owned 23,755 shares of the electronics maker’s stock after selling 489 shares during the quarter. Hartford Financial Management Inc.’s holdings in Corning were worth $1,087,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of GLW. Sierra Ocean LLC acquired a new position in shares of Corning during the 4th quarter worth about $25,000. Vermillion Wealth Management Inc. acquired a new position in shares of Corning during the 4th quarter worth about $29,000. Putney Financial Group LLC acquired a new position in shares of Corning during the 4th quarter worth about $30,000. Mainstream Capital Management LLC acquired a new position in shares of Corning during the 4th quarter worth about $35,000. Finally, JFS Wealth Advisors LLC increased its stake in shares of Corning by 171.8% during the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock worth $38,000 after purchasing an additional 512 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Down 0.1%

Shares of 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 firm’s 50 day moving average is $46.71 and its 200-day moving average is $47.81. The stock has a market capitalization of $43.19 billion, a PE ratio of 96.98, a P/E/G ratio of 1.36 and a beta of 1.11. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. During the same period last year, the firm earned $0.38 earnings per share. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.22%. Corning’s dividend payout ratio is presently 215.38%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on GLW shares. Citigroup lowered their price objective on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Wall Street Zen cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Oppenheimer lowered their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Corning has an average rating of “Moderate Buy” and an average price target of $53.75.

Insider Transactions at Corning

In related news, VP John Z. Zhang sold 8,000 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by company insiders.

About Corning

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.