Foster & Motley Inc. Reduces Stock Position in Corning Incorporated (NYSE:GLW)

Foster & Motley Inc. decreased its holdings in Corning Incorporated (NYSE:GLW) by 15.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 138,064 shares of the electronics maker’s stock after selling 24,341 shares during the period. Foster & Motley Inc.’s holdings in Corning were worth $4,204,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Peoples Bank KS bought a new position in shares of Corning during the 3rd quarter valued at approximately $25,000. OFI Invest Asset Management purchased a new stake in shares of Corning in the third quarter valued at $25,000. SRS Capital Advisors Inc. lifted its holdings in shares of Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in shares of Corning during the 4th quarter worth about $31,000. Finally, Emfo LLC bought a new position in Corning during the 4th quarter valued at about $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on GLW shares. JPMorgan Chase & Co. boosted their target price on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Morgan Stanley reiterated an “overweight” rating and set a $35.00 target price on shares of Corning in a research report on Monday. Barclays upped their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. Susquehanna reiterated a “positive” rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. Finally, UBS Group upped their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to MarketBeat, Corning presently has a consensus rating of “Hold” and an average price target of $34.78.

Corning Stock Performance

GLW stock opened at $31.50 on Tuesday. The firm has a 50-day simple moving average of $32.30 and a two-hundred day simple moving average of $30.41. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The firm has a market cap of $26.94 billion, a price-to-earnings ratio of 47.10, a PEG ratio of 1.73 and a beta of 1.08.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate 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%. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 earnings per share. On average, equities analysts forecast that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.56%. Corning’s payout ratio is 167.16%.

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.