Parkside Investments LLC Sells 25,338 Shares of Corning Incorporated (NYSE:GLW)

Parkside Investments LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 11.4% in the first quarter, Holdings Channel.com reports. The fund owned 197,556 shares of the electronics maker’s stock after selling 25,338 shares during the period. Parkside Investments LLC’s holdings in Corning were worth $6,511,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Cape Investment Advisory Inc. raised its holdings in Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares in the last quarter. SRS Capital Advisors Inc. grew its stake in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Corning in the fourth quarter worth $31,000. EverSource Wealth Advisors LLC grew its stake in shares of Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 823 shares during the last quarter. Finally, Emfo LLC purchased a new stake in shares of Corning in the fourth quarter worth $33,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GLW. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research report on Monday, June 17th. Morgan Stanley cut Corning from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $35.00 to $38.00 in a research report on Thursday, June 13th. Citigroup increased their price objective on Corning from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Finally, Mizuho increased their price objective on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, June 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $38.67.

Insider Activity

In other news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares in the company, valued at $1,034,266.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 175,207 shares of company stock valued at $5,876,067. Company insiders own 0.40% of the company’s stock.

Corning Stock Down 2.6 %

Corning stock traded down $1.02 during midday trading on Wednesday, reaching $38.75. The company’s stock had a trading volume of 4,849,661 shares, compared to its average volume of 5,271,677. The stock’s 50-day simple moving average is $35.52 and its 200-day simple moving average is $32.97. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $40.46. The stock has a market capitalization of $33.19 billion, a P/E ratio of 55.38, a PEG ratio of 1.81 and a beta of 1.08.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period last year, the business posted $0.41 earnings per share. The firm’s revenue was down 11.5% compared to the same quarter last year. On average, sell-side analysts expect that Corning Incorporated will post 1.9 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s dividend payout ratio is presently 157.75%.

Corning Company 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.