Corning Incorporated (NYSE:GLW) Stake Reduced by Investment House LLC

Investment House LLC trimmed its stake in Corning Incorporated (NYSE:GLW) by 48.3% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 49,816 shares of the electronics maker’s stock after selling 46,499 shares during the quarter. Investment House LLC’s holdings in Corning were worth $1,517,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Harvest Investment Advisors LLC grew its position in Corning by 1.0% in the 3rd quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock worth $1,106,000 after purchasing an additional 364 shares during the last quarter. Venture Visionary Partners LLC grew its holdings in Corning by 2.0% in the 4th quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock worth $589,000 after buying an additional 380 shares in the last quarter. Fiera Capital Corp increased its position in Corning by 2.7% in the 3rd quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock valued at $450,000 after acquiring an additional 385 shares during the period. New World Advisors LLC raised its stake in Corning by 3.5% during the 4th quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock valued at $359,000 after acquiring an additional 400 shares in the last quarter. Finally, Western Wealth Management LLC grew its stake in shares of Corning by 1.6% in the third quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock worth $784,000 after purchasing an additional 405 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent analyst reports. UBS Group lifted their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. upped their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Barclays raised their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Corning presently has a consensus rating of “Hold” and an average target price of $34.78.

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.45% of the stock is owned by insiders.

Corning Stock Performance

Shares of GLW opened at $33.10 on Tuesday. The company has a 50-day moving average of $32.27 and a two-hundred day moving average of $30.49. The stock has a market cap of $28.31 billion, a price-to-earnings ratio of 47.45, a PEG ratio of 1.73 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same quarter last year, the business posted $0.47 EPS. The company’s revenue was down 12.1% on a year-over-year basis. On average, equities research analysts expect that Corning Incorporated will post 1.87 earnings per share for the current 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 issued 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 3.38%. Corning’s dividend payout ratio is 167.16%.

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.