Corning Incorporated (NYSE:GLW) Shares Sold by Wakefield Asset Management LLLP

Wakefield Asset Management LLLP reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 14.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,216 shares of the electronics maker’s stock after selling 1,415 shares during the quarter. Wakefield Asset Management LLLP’s holdings in Corning were worth $390,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. QRG Capital Management Inc. increased its stake in shares of Corning by 9.0% during the 4th quarter. QRG Capital Management Inc. now owns 38,429 shares of the electronics maker’s stock worth $1,826,000 after purchasing an additional 3,189 shares in the last quarter. Otter Creek Advisors LLC raised its holdings in shares of Corning by 0.6% in the fourth quarter. Otter Creek Advisors LLC now owns 84,126 shares of the electronics maker’s stock worth $3,998,000 after acquiring an additional 463 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Corning in the fourth quarter valued at $8,996,000. Oppenheimer & Co. Inc. boosted its stake in shares of Corning by 6.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 185,597 shares of the electronics maker’s stock valued at $8,820,000 after acquiring an additional 11,789 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in Corning by 0.7% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 613,194 shares of the electronics maker’s stock worth $29,139,000 after purchasing an additional 4,419 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Down 2.2 %

Shares of GLW opened at $48.93 on Friday. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company has a 50-day moving average price of $50.12 and a two-hundred day moving average price of $47.03. The stock has a market cap of $41.91 billion, a price-to-earnings ratio of 84.35, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating 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%. Equities analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a $0.28 dividend. 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 2.29%. Corning’s payout ratio is presently 193.10%.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent analyst reports. Barclays lowered their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Citigroup upped their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. HSBC upgraded Corning from a “hold” rating to a “buy” rating and raised their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Hsbc Global Res raised 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 report on Tuesday. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Insiders Place Their Bets

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 sale was disclosed in a 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 firm’s stock in a transaction that occurred on 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 sale, the chief operating officer now owns 152,944 shares in the company, valued at $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. Company 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.