Trajan Wealth LLC Sells 7,880 Shares of Corning Incorporated (NYSE:GLW)

Trajan Wealth LLC lowered its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 6.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,580 shares of the electronics maker's stock after selling 7,880 shares during the period. Trajan Wealth LLC's holdings in Corning were worth $5,065,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Sound Income Strategies LLC raised its stake in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC acquired a new stake in Corning during the 4th quarter worth about $25,000. Asset Planning Inc acquired a new position in shares of Corning in the 4th quarter valued at about $29,000. Rosenberg Matthew Hamilton lifted its position in shares of Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC acquired a new stake in shares of Corning during the fourth quarter worth approximately $35,000. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on GLW. Citigroup cut their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Mizuho set a $52.00 target price on Corning in a research note on Tuesday, April 15th. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. decreased their target price on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $53.31.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction dated 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 transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Corning Price Performance

NYSE:GLW traded up $1.27 on Wednesday, reaching $43.02. The stock had a trading volume of 6,431,002 shares, compared to its average volume of 5,962,389. The stock has a fifty day moving average price of $45.99 and a 200-day moving average price of $47.64. Corning Incorporated has a 1-year low of $31.20 and a 1-year high of $55.33. The company has a market capitalization of $36.86 billion, a P/E ratio of 74.17, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

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%. Research analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date was Friday, February 28th. Corning's dividend payout ratio is presently 193.10%.

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.