UNIVEST FINANCIAL Corp Cuts Stock Position in Corning Incorporated (NYSE:GLW)

UNIVEST FINANCIAL Corp lessened its holdings in Corning Incorporated (NYSE:GLW) by 7.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,389 shares of the electronics maker’s stock after selling 1,454 shares during the period. UNIVEST FINANCIAL Corp’s holdings in Corning were worth $874,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Oregon Public Employees Retirement Fund increased its holdings in shares of Corning by 0.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after buying an additional 204 shares during the last quarter. Principal Securities Inc. increased its stake in Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock worth $293,000 after acquiring an additional 211 shares during the last quarter. Bogart Wealth LLC raised its position in Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after purchasing an additional 219 shares during the period. Buffington Mohr McNeal lifted its stake in shares of Corning by 2.1% in the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after purchasing an additional 220 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after purchasing an additional 220 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on GLW. Bank of America increased their price target on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Barclays cut their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Citigroup raised their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, Morgan Stanley upped their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average target price of $54.31.

Corning Price Performance

Shares of GLW stock opened at $47.07 on Thursday. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock has a fifty day simple moving average of $49.97 and a two-hundred day simple moving average of $47.88. The stock has a market capitalization of $40.32 billion, a price-to-earnings ratio of 81.15, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.38%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is 193.10%.

Insider Buying and Selling

In other Corning news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

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.