Autumn Glory Partners LLC Sells 8,494 Shares of Corning Incorporated (NYSE:GLW)

Autumn Glory Partners LLC reduced its position in Corning Incorporated (NYSE:GLW) by 23.2% during the fourth quarter, HoldingsChannel reports. The firm owned 28,151 shares of the electronics maker’s stock after selling 8,494 shares during the period. Autumn Glory Partners LLC’s holdings in Corning were worth $1,338,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of GLW. Sound Income Strategies LLC boosted its stake in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. Asset Planning Inc bought a new position in Corning during the fourth quarter worth $29,000. Rosenberg Matthew Hamilton boosted its stake in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new position in Corning during the third quarter worth $39,000. Finally, RPg Family Wealth Advisory LLC bought a new position in Corning during the third quarter worth $40,000. 69.80% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was 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. Over the last 90 days, insiders sold 46,085 shares of company stock worth $2,345,436. Insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $52.58 on Friday. The firm has a 50-day moving average of $49.46 and a 200-day moving average of $46.19. The company has a market cap of $45.02 billion, a P/E ratio of 90.66, a P/E/G ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business 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. The ex-dividend date 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 (DPR) is presently 193.11%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Barclays cut their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

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.