Pathway Financial Advisers LLC Sells 1,027,196 Shares of Corning Incorporated (NYSE:GLW)

Pathway Financial Advisers LLC cut its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 97.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 23,267 shares of the electronics maker's stock after selling 1,027,196 shares during the quarter. Pathway Financial Advisers LLC's holdings in Corning were worth $1,106,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. CWM LLC grew its stake in shares of Corning by 18.0% during the 3rd quarter. CWM LLC now owns 25,756 shares of the electronics maker's stock worth $1,163,000 after acquiring an additional 3,929 shares in the last quarter. Swedbank AB increased its position in shares of Corning by 60.2% during the 3rd quarter. Swedbank AB now owns 38,314 shares of the electronics maker's stock worth $1,730,000 after purchasing an additional 14,403 shares during the last quarter. Jamison Private Wealth Management Inc. raised its stake in shares of Corning by 6.3% during the 3rd quarter. Jamison Private Wealth Management Inc. now owns 72,772 shares of the electronics maker's stock worth $3,286,000 after purchasing an additional 4,321 shares in the last quarter. Nexus Investment Management ULC grew its stake in shares of Corning by 1.8% in the third quarter. Nexus Investment Management ULC now owns 101,400 shares of the electronics maker's stock valued at $4,578,000 after buying an additional 1,800 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in shares of Corning by 5.4% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 125,349 shares of the electronics maker's stock valued at $5,660,000 after acquiring an additional 6,450 shares during the period. 69.80% of the stock is owned by institutional investors.

Corning Price Performance

GLW stock traded up $0.47 during midday trading on Monday, reaching $52.58. The company had a trading volume of 3,779,586 shares, compared to its average volume of 6,591,637. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a market capitalization of $45.02 billion, a price-to-earnings ratio of 90.66, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The stock has a 50 day moving average price of $49.52 and a 200-day moving average price of $46.30. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.13%. Corning's dividend payout ratio is currently 193.11%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on GLW shares. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Oppenheimer reaffirmed an "outperform" rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Morgan Stanley increased their price objective on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. UBS Group raised their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Finally, Barclays lowered their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $53.00.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning 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 transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,085 shares of company stock valued at $2,345,436 in the last 90 days. Corporate insiders own 0.40% of the company's stock.

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.