Hanson & Doremus Investment Management Sells 3,990 Shares of Corning Incorporated (NYSE:GLW)

Hanson & Doremus Investment Management trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 2.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 142,010 shares of the electronics maker’s stock after selling 3,990 shares during the quarter. Corning comprises about 0.8% of Hanson & Doremus Investment Management’s portfolio, making the stock its 21st biggest holding. Hanson & Doremus Investment Management’s holdings in Corning were worth $4,324,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of the stock. Federated Hermes Inc. lifted its position in shares of Corning by 5.7% during the 3rd quarter. Federated Hermes Inc. now owns 6,079 shares of the electronics maker’s stock valued at $176,000 after acquiring an additional 328 shares during the period. Harvest Investment Advisors LLC lifted its position in shares of Corning by 0.9% during the 2nd quarter. Harvest Investment Advisors LLC now owns 35,922 shares of the electronics maker’s stock worth $1,259,000 after buying an additional 335 shares during the last quarter. Smith Moore & CO. lifted its position in shares of Corning by 2.5% during the 1st quarter. Smith Moore & CO. now owns 14,583 shares of the electronics maker’s stock worth $514,000 after buying an additional 350 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of Corning by 1.6% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 22,337 shares of the electronics maker’s stock worth $713,000 after buying an additional 360 shares during the last quarter. Finally, Venture Visionary Partners LLC lifted its position in shares of Corning by 2.0% during the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock worth $589,000 after buying an additional 380 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.45% of the stock is owned by company insiders.

Corning Stock Performance

NYSE:GLW traded down $0.35 during trading hours on Monday, reaching $32.19. The stock had a trading volume of 4,923,369 shares, compared to its average volume of 4,725,696. 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 has a 50 day simple moving average of $32.42 and a 200 day simple moving average of $30.32. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The stock has a market cap of $27.53 billion, a P/E ratio of 48.91, a price-to-earnings-growth ratio of 1.85 and a beta of 1.08.

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 analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $3.26 billion. During the same period last year, the business posted $0.47 earnings per share. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. On average, research analysts forecast that Corning Incorporated will post 1.86 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is presently 167.16%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. UBS Group increased their target price on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday. Susquehanna reiterated a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Finally, Barclays increased their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $34.00.

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.