Palouse Capital Management Inc. Has $410,000 Stake in Corning Incorporated (NYSE:GLW)

Palouse Capital Management Inc. cut its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 83.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,621 shares of the electronics maker's stock after selling 44,698 shares during the quarter. Palouse Capital Management Inc.'s holdings in Corning were worth $410,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in GLW. FMR LLC grew its holdings in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. State Street Corp grew its holdings in shares of Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock valued at $75,740,000 after purchasing an additional 1,145,955 shares during the last quarter. Pathway Financial Advisers LLC grew its holdings in shares of Corning by 4,306.9% during the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker's stock valued at $47,428,000 after purchasing an additional 1,026,626 shares during the last quarter. Finally, Conning Inc. boosted its position in shares of Corning by 14,556.8% during the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker's stock worth $39,778,000 after buying an additional 875,008 shares during the period. 69.80% of the stock is owned by institutional investors.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company's stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Insiders have sold a total of 46,085 shares of company stock valued at $2,345,436 in the last three months. 0.40% of the stock is currently owned by company insiders.

Corning Price Performance

Shares of NYSE:GLW traded down $0.81 on Thursday, reaching $51.87. 4,069,388 shares of the company traded hands, compared to its average volume of 5,567,429. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The company's 50 day moving average is $49.79 and its 200-day moving average is $46.58. The stock has a market capitalization of $44.43 billion, a PE ratio of 89.42, a P/E/G ratio of 1.53 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Friday, February 28th. Corning's dividend payout ratio (DPR) is currently 193.10%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GLW. HSBC upgraded Corning from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Morgan Stanley boosted their price objective on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 17th. Barclays reduced their price objective on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Finally, UBS Group boosted their price objective on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $53.00.

Corning 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.