Holderness Investments Co. Trims Stake in Corning Incorporated (NYSE:GLW)

Holderness Investments Co. reduced its position in Corning Incorporated (NYSE:GLW) by 1.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,779 shares of the electronics maker’s stock after selling 400 shares during the quarter. Holderness Investments Co.’s holdings in Corning were worth $1,843,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northstar Advisory Group LLC raised its position in Corning by 258.4% in the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock worth $5,883,000 after purchasing an additional 89,268 shares during the period. Franklin Resources Inc. raised its position in Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after purchasing an additional 62,514 shares during the period. FMR LLC raised its position in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the period. Fifth Third Bancorp raised its position in Corning by 16.8% in the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after purchasing an additional 16,001 shares during the period. Finally, First Financial Bank Trust Division raised its position in Corning by 27.5% in the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock worth $6,565,000 after purchasing an additional 29,790 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of GLW stock opened at $48.66 on Friday. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The stock’s 50-day moving average is $49.88 and its 200 day moving average is $47.63. The company has a market cap of $41.68 billion, a P/E ratio of 83.89, a PEG ratio of 1.50 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 (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

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 given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is currently 193.10%.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction dated 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 completion of the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.45% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on GLW shares. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Barclays dropped their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Finally, Bank of America increased their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

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.