Atria Investments Inc Cuts Holdings in Corning Incorporated (NYSE:GLW)

Atria Investments Inc decreased its position in shares of Corning Incorporated (NYSE:GLW) by 4.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,130 shares of the electronics maker’s stock after selling 2,536 shares during the period. Atria Investments Inc’s holdings in Corning were worth $2,667,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in GLW. FMR LLC grew its position in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. State Street Corp lifted its stake in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares during the last quarter. Cookson Peirce & Co. Inc. lifted its stake in Corning by 218.5% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 1,009,208 shares of the electronics maker’s stock worth $47,958,000 after purchasing an additional 692,366 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in Corning by 223.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 856,878 shares of the electronics maker’s stock worth $40,719,000 after purchasing an additional 592,187 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $45.89 on Friday. The firm has a market cap of $39.31 billion, a price-to-earnings ratio of 79.13, a PEG ratio of 1.50 and a beta of 1.03. The company’s 50 day moving average is $50.06 and its 200 day moving average is $47.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (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, sell-side analysts anticipate 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. Investors of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.44%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is 193.10%.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction 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 SEC, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of Corning 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 completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GLW. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Citigroup raised their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and raised their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Barclays decreased their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Finally, Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

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.