Ingalls & Snyder LLC Trims Holdings in Corning Incorporated (NYSE:GLW)

Ingalls & Snyder LLC reduced its stake in Corning Incorporated (NYSE:GLW) by 10.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,195 shares of the electronics maker’s stock after selling 2,127 shares during the quarter. Ingalls & Snyder LLC’s holdings in Corning were worth $865,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. MFG Wealth Management Inc. acquired a new position in shares of Corning during the 4th quarter valued at about $2,186,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in Corning during the fourth quarter worth about $82,000. Van ECK Associates Corp boosted its holdings in Corning by 343.6% in the 4th quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker’s stock valued at $5,433,000 after purchasing an additional 88,558 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Corning by 171.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 109,103 shares of the electronics maker’s stock valued at $5,096,000 after buying an additional 68,889 shares during the period. Finally, Kentucky Trust Co acquired a new stake in shares of Corning during the 4th quarter worth approximately $574,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of GLW opened at $52.00 on Friday. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The stock has a market capitalization of $44.52 billion, a PE ratio of 89.65, a PEG ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock has a 50-day simple moving average of $49.41 and a 200-day simple moving average of $46.15.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) 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 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.11%.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on 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. Insiders have sold a total of 46,085 shares of company stock worth $2,345,436 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on GLW. UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. boosted their price target 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. Finally, HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

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.