Corning Incorporated (NYSE:GLW) Shares Sold by Investment House LLC

Investment House LLC cut its stake in shares of Corning Incorporated (NYSE:GLW) by 48.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 49,816 shares of the electronics maker’s stock after selling 46,499 shares during the quarter. Investment House LLC’s holdings in Corning were worth $1,517,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Peoples Bank KS acquired a new stake in shares of Corning in the 3rd quarter valued at $25,000. OFI Invest Asset Management purchased a new stake in Corning during the third quarter worth approximately $25,000. SRS Capital Advisors Inc. boosted its holdings in Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in Corning during the fourth quarter worth approximately $31,000. Finally, Emfo LLC purchased a new stake in shares of Corning during the 4th quarter worth approximately $33,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.45% of the stock is currently owned by corporate insiders.

Corning Stock Performance

Shares of GLW opened at $33.10 on Tuesday. The stock has a market capitalization of $28.31 billion, a P/E ratio of 47.45, a P/E/G ratio of 1.73 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The company’s fifty day moving average is $32.27 and its two-hundred day moving average is $30.49.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. Corning’s revenue was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.47 earnings per share. On average, sell-side analysts predict that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.38%. Corning’s payout ratio is currently 167.16%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on GLW shares. JPMorgan Chase & Co. lifted their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Susquehanna reissued a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. Finally, HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $34.78.

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.