Smith Graham & Co. Investment Advisors LP Has $2.21 Million Stake in Corning Incorporated (NYSE:GLW)

Smith Graham & Co. Investment Advisors LP decreased its position in shares of Corning Incorporated (NYSE:GLW) by 9.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 72,607 shares of the electronics maker’s stock after selling 7,434 shares during the period. Smith Graham & Co. Investment Advisors LP’s holdings in Corning were worth $2,211,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Natixis Advisors L.P. increased its holdings in shares of Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after buying an additional 5,616 shares in the last quarter. KMG Fiduciary Partners LLC acquired a new stake in shares of Corning in the fourth quarter valued at approximately $1,199,000. HB Wealth Management LLC increased its holdings in shares of Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after purchasing an additional 1,926 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Corning by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after purchasing an additional 40,564 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Corning by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after purchasing an additional 490,638 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Down 2.4 %

Corning stock opened at $31.49 on Friday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The firm has a market capitalization of $26.93 billion, a PE ratio of 47.00, a P/E/G ratio of 1.84 and a beta of 1.08. The company’s 50-day moving average is $32.40 and its 200-day moving average is $30.36. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. Corning’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.47 EPS. Sell-side analysts anticipate that Corning Incorporated will post 1.86 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders 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 dividend yield of 3.56%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GLW shares. Susquehanna reissued a “positive” rating and issued a $40.00 price target on shares of Corning in a report on Monday, April 1st. JPMorgan Chase & Co. lifted their target price on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday. UBS Group lifted their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a 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, HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a research report on Thursday, February 1st. 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 stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $34.56.

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.