Cambridge Advisors Inc. Sells 1,500 Shares of Corning Incorporated (NYSE:GLW)

Cambridge Advisors Inc. cut its position in shares of Corning Incorporated (NYSE:GLW) by 4.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 35,598 shares of the electronics maker’s stock after selling 1,500 shares during the quarter. Cambridge Advisors Inc.’s holdings in Corning were worth $1,173,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Cape Investment Advisory Inc. boosted its position in Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares during the last quarter. SRS Capital Advisors Inc. lifted its position 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 valued at $28,000 after buying an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of Corning in the fourth quarter valued at approximately $31,000. EverSource Wealth Advisors LLC lifted its position 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 valued at $32,000 after buying an additional 823 shares during the last quarter. Finally, Emfo LLC acquired a new stake in shares of Corning in the fourth quarter valued at approximately $33,000. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on GLW shares. JPMorgan Chase & Co. upgraded Corning from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $37.00 to $43.00 in a research note on Thursday, May 30th. Morgan Stanley lowered Corning from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $35.00 to $38.00 in a research note on Thursday, June 13th. Susquehanna reiterated a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research note on Monday, June 17th. Finally, Citigroup increased their target price on Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Corning presently has an average rating of “Hold” and a consensus price target of $38.67.

Corning Trading Up 0.7 %

Shares of GLW opened at $38.85 on Friday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $40.46. The business’s fifty day moving average is $35.97 and its 200-day moving average is $33.11. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The firm has a market cap of $33.28 billion, a price-to-earnings ratio of 54.72, a PEG ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the business posted $0.41 EPS. Corning’s revenue for the quarter was down 11.5% on a year-over-year basis. Equities analysts anticipate that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is 157.75%.

Insider Activity at Corning

In related news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the sale, the vice president now owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The disclosure for this sale can be found here. Insiders have sold a total of 175,207 shares of company stock valued at $5,876,067 in the last 90 days. 0.40% of the stock is owned by corporate 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.