Prudent Man Advisors LLC Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Prudent Man Advisors LLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 8.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,051 shares of the electronics maker’s stock after selling 2,283 shares during the period. Prudent Man Advisors LLC’s holdings in Corning were worth $1,238,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Valmark Advisers Inc. increased its stake in Corning by 12.5% during the 3rd quarter. Valmark Advisers Inc. now owns 7,572 shares of the electronics maker’s stock worth $342,000 after buying an additional 842 shares during the period. New York State Teachers Retirement System increased its stake in Corning by 0.9% during the 3rd quarter. New York State Teachers Retirement System now owns 631,685 shares of the electronics maker’s stock worth $28,521,000 after buying an additional 5,633 shares during the period. First Trust Direct Indexing L.P. increased its stake in Corning by 23.8% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 15,651 shares of the electronics maker’s stock worth $707,000 after buying an additional 3,010 shares during the period. SteelPeak Wealth LLC increased its stake in Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after buying an additional 239 shares during the period. Finally, Financial Advocates Investment Management increased its stake in Corning by 3.9% during the 3rd quarter. Financial Advocates Investment Management now owns 9,753 shares of the electronics maker’s stock worth $440,000 after buying an additional 363 shares during the period. Hedge funds and other 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 company’s stock in a transaction 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 transaction, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s 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 disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Analyst Ratings Changes

GLW has been the subject of several research analyst reports. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and boosted their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Barclays dropped their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Morgan Stanley boosted their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Finally, Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Trading Up 2.5 %

Shares of Corning stock opened at $50.25 on Friday. 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 firm has a market cap of $43.04 billion, a price-to-earnings ratio of 86.63, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The business has a fifty day simple moving average of $50.18 and a 200-day simple moving average of $47.05. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 dividend yield of 2.23%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

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.