Motco Has $5.73 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Motco lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 1.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 120,600 shares of the electronics maker’s stock after selling 2,166 shares during the period. Motco’s holdings in Corning were worth $5,731,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Oregon Public Employees Retirement Fund grew its holdings in shares of Corning by 0.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after purchasing an additional 204 shares during the last quarter. Principal Securities Inc. grew its stake in Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock worth $293,000 after buying an additional 211 shares during the last quarter. Bogart Wealth LLC increased its holdings in shares of Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after buying an additional 219 shares in the last quarter. Buffington Mohr McNeal raised its stake in shares of Corning by 2.1% in the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after acquiring an additional 220 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after acquiring an additional 220 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Down 2.2 %

NYSE:GLW opened at $48.93 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The stock’s fifty day simple moving average is $50.12 and its 200-day simple moving average is $47.03. The firm has a market capitalization of $41.91 billion, a P/E ratio of 84.35, a P/E/G ratio of 1.50 and a beta of 1.03.

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

Corning Announces Dividend

The company 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. This represents a $1.12 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of recent analyst reports. Morgan Stanley raised their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Citigroup raised their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Barclays reduced their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated Friday, January 31st. The stock was 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 owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

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.