Corning Incorporated (NYSE:GLW) Stock Position Cut by RNC Capital Management LLC

RNC Capital Management LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 30.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 785,190 shares of the electronics maker’s stock after selling 349,729 shares during the period. Corning accounts for 2.0% of RNC Capital Management LLC’s portfolio, making the stock its 25th biggest holding. RNC Capital Management LLC’s holdings in Corning were worth $37,312,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GLW. Sound Income Strategies LLC boosted its position in shares of 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 in the last quarter. City Holding Co. boosted its position in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares in the last quarter. Rosenberg Matthew Hamilton boosted its position in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new position in shares of Corning during the 3rd quarter valued at about $39,000. Finally, RPg Family Wealth Advisory LLC bought a new position in shares of Corning during the 3rd quarter valued at about $40,000. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Barclays reduced their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Citigroup raised their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and raised their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on 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 transaction, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,085 shares of company stock worth $2,345,436. Insiders own 0.45% of the company’s stock.

Corning Trading Up 0.7 %

NYSE:GLW opened at $53.66 on Friday. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The firm has a market cap of $45.94 billion, a price-to-earnings ratio of 92.52, a P/E/G ratio of 1.51 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. The company’s 50 day moving average is $49.02 and its 200-day moving average is $45.83.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping 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 analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

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.