Cannell & Co. Sells 47,740 Shares of Corning Incorporated (NYSE:GLW)

Cannell & Co. trimmed its position in Corning Incorporated (NYSE:GLW) by 20.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 184,259 shares of the electronics maker’s stock after selling 47,740 shares during the period. Cannell & Co.’s holdings in Corning were worth $5,611,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mission Wealth Management LP increased its stake in shares of Corning by 10.6% during the fourth quarter. Mission Wealth Management LP now owns 14,398 shares of the electronics maker’s stock valued at $438,000 after purchasing an additional 1,382 shares in the last quarter. Van ECK Associates Corp increased its position in Corning by 26.4% during the 4th quarter. Van ECK Associates Corp now owns 121,662 shares of the electronics maker’s stock valued at $3,704,000 after buying an additional 25,408 shares in the last quarter. Little House Capital LLC purchased a new position in Corning during the fourth quarter valued at $200,000. Intact Investment Management Inc. raised its stake in Corning by 56.2% during the fourth quarter. Intact Investment Management Inc. now owns 189,100 shares of the electronics maker’s stock valued at $5,758,000 after buying an additional 68,000 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in Corning by 6.3% in the fourth quarter. Russell Investments Group Ltd. now owns 256,807 shares of the electronics maker’s stock worth $7,837,000 after acquiring an additional 15,283 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on GLW shares. UBS Group upped their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 price target on shares of Corning in a report on Monday, April 22nd. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. raised their price target on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $34.89.

Insider Buying and Selling at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.40% of the stock is owned by corporate insiders.

Corning Price Performance

NYSE GLW opened at $33.48 on Thursday. The company has a 50-day moving average price of $32.32 and a 200-day moving average price of $30.55. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $28.64 billion, a P/E ratio of 47.15, a PEG ratio of 1.85 and a beta of 1.07.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the prior year, the company earned $0.41 earnings per share. The firm’s revenue was down 11.5% on a year-over-year basis. Equities research analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.35%. Corning’s dividend payout ratio (DPR) is 157.75%.

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.