Oppenheimer & Close LLC Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Oppenheimer & Close LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 10.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,916 shares of the electronics maker’s stock after selling 10,358 shares during the period. Corning makes up 3.6% of Oppenheimer & Close LLC’s portfolio, making the stock its 8th biggest position. Oppenheimer & Close LLC’s holdings in Corning were worth $4,320,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Sound Income Strategies LLC increased 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 worth $25,000 after purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC acquired a new position in Corning in the 4th quarter valued at $25,000. Asset Planning Inc bought a new stake in shares of Corning during the 4th quarter valued at $29,000. Rosenberg Matthew Hamilton lifted 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 acquiring an additional 500 shares during the period. Finally, Mainstream Capital Management LLC bought a new stake in shares of Corning during the 4th quarter valued at $35,000. Institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.45% of the stock is owned by company insiders.

Corning Trading Down 0.4 %

NYSE GLW opened at $48.49 on Friday. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock has a 50-day moving average of $49.91 and a 200-day moving average of $47.67. The firm has a market cap of $41.53 billion, a PE ratio of 83.60, a price-to-earnings-growth 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 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%. As a group, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. Corning’s dividend payout ratio is presently 193.10%.

Analysts Set New Price Targets

Several analysts recently weighed in on GLW shares. Morgan Stanley upped their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Citigroup increased their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Bank of America increased their price target on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, HSBC upgraded 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 report on Thursday, January 30th. 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

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.