Corning Incorporated (NYSE:GLW) Shares Sold by Parthenon LLC

Parthenon LLC reduced its position in Corning Incorporated (NYSE:GLW) by 2.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 246,579 shares of the electronics maker’s stock after selling 6,825 shares during the period. Corning comprises approximately 1.4% of Parthenon LLC’s holdings, making the stock its 21st biggest holding. Parthenon LLC’s holdings in Corning were worth $11,717,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of GLW. Bryn Mawr Capital Management LLC lifted its position in Corning by 134.7% during the fourth quarter. Bryn Mawr Capital Management LLC now owns 40,528 shares of the electronics maker’s stock worth $1,926,000 after buying an additional 23,257 shares during the period. Private Advisor Group LLC lifted its holdings in shares of Corning by 5.2% during the 4th quarter. Private Advisor Group LLC now owns 115,919 shares of the electronics maker’s stock worth $5,508,000 after acquiring an additional 5,690 shares during the period. Global Retirement Partners LLC boosted its position in shares of Corning by 44.4% in the fourth quarter. Global Retirement Partners LLC now owns 9,748 shares of the electronics maker’s stock worth $463,000 after acquiring an additional 2,995 shares during the last quarter. Convergence Investment Partners LLC grew its holdings in Corning by 195.7% in the fourth quarter. Convergence Investment Partners LLC now owns 35,354 shares of the electronics maker’s stock valued at $1,680,000 after purchasing an additional 23,396 shares during the period. Finally, Klingman & Associates LLC increased its position in Corning by 3.9% during the fourth quarter. Klingman & Associates LLC now owns 6,637 shares of the electronics maker’s stock worth $315,000 after purchasing an additional 250 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. JPMorgan Chase & Co. lifted their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Finally, HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and lifted their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $53.00.

Corning Trading Down 0.6 %

NYSE:GLW opened at $52.57 on Thursday. The company has a market cap of $45.03 billion, a PE ratio of 90.64, a P/E/G ratio of 1.53 and a beta of 1.03. The business’s 50 day moving average is $49.69 and its two-hundred day moving average is $46.48. 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 52 week low of $30.72 and a 52 week high of $55.33.

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

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is 193.11%.

Insider Buying and Selling

In other news, COO Eric S. Musser sold 30,000 shares of the company’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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,085 shares of company stock valued at $2,345,436. Insiders own 0.40% of the company’s stock.

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.