Corning Incorporated (NYSE:GLW) Holdings Decreased by Alliancebernstein L.P.

Alliancebernstein L.P. lessened its holdings in Corning Incorporated (NYSE:GLW) by 12.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,111,923 shares of the electronics maker’s stock after selling 156,721 shares during the period. Alliancebernstein L.P.’s holdings in Corning were worth $52,839,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in GLW. Sound Income Strategies LLC grew 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 valued at $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC acquired a new position in shares of Corning during the fourth quarter valued at $25,000. Asset Planning Inc acquired a new stake in shares of Corning in the 4th quarter worth about $29,000. Rosenberg Matthew Hamilton lifted its position in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC acquired a new position in Corning during the 4th quarter valued at about $35,000. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

GLW stock opened at $39.08 on Friday. The firm has a 50-day moving average of $48.95 and a two-hundred day moving average of $47.93. The firm has a market capitalization of $33.48 billion, a PE ratio of 67.37, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate 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 forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s payout ratio is 193.10%.

Insider Buying and Selling

In other news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. The trade was 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.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on GLW shares. 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 note on Thursday, January 30th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Bank of America raised their price objective on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Citigroup lifted their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.