Palouse Capital Management Inc. Has $1.68 Million Stake in Corning Incorporated (NYSE:GLW)

Palouse Capital Management Inc. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 7.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 55,126 shares of the electronics maker’s stock after selling 4,205 shares during the period. Palouse Capital Management Inc.’s holdings in Corning were worth $1,679,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Cibc World Market Inc. increased its holdings in shares of Corning by 22.1% in the first quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock valued at $2,420,000 after purchasing an additional 11,884 shares in the last quarter. Prudential PLC bought a new position in Corning in the first quarter valued at approximately $588,000. Sequoia Financial Advisors LLC boosted its stake in Corning by 15.5% in the first quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock valued at $293,000 after acquiring an additional 1,062 shares during the last quarter. Vanguard Group Inc. boosted its stake in Corning by 0.7% in the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after acquiring an additional 671,480 shares during the last quarter. Finally, Baird Financial Group Inc. boosted its stake in Corning by 24.4% in the first quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock valued at $26,388,000 after acquiring an additional 140,098 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Susquehanna reissued a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. JPMorgan Chase & Co. lifted their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. UBS Group lifted their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Barclays lifted their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Finally, StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Corning presently has an average rating of “Hold” and a consensus target price of $34.56.

Corning Stock Up 1.2 %

GLW traded up $0.36 on Friday, hitting $31.27. 4,636,505 shares of the company were exchanged, compared to its average volume of 4,754,716. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The company has a market cap of $26.75 billion, a PE ratio of 46.67, a PEG ratio of 1.71 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The stock’s fifty day moving average is $32.31 and its 200-day moving average is $30.39.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the prior year, the company posted $0.47 earnings per share. Corning’s revenue was down 12.1% on a year-over-year basis. Equities research analysts predict that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.40% of the company’s stock.

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.