Atria Investments Inc Reduces Position in Corning Incorporated (NYSE:GLW)

Atria Investments Inc cut its stake in shares of Corning Incorporated (NYSE:GLW) by 4.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 56,130 shares of the electronics maker’s stock after selling 2,536 shares during the quarter. Atria Investments Inc’s holdings in Corning were worth $2,667,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in GLW. Sound Income Strategies LLC lifted its position in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC acquired a new position in Corning during the fourth quarter valued at $25,000. Asset Planning Inc acquired a new position in Corning during the fourth quarter valued at $29,000. Rosenberg Matthew Hamilton lifted its position in Corning by 202.4% during the fourth 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 period. Finally, Mainstream Capital Management LLC acquired a new position in Corning during the fourth quarter valued at $35,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Up 0.8 %

Shares of NYSE GLW opened at $45.89 on Friday. The company has a 50 day simple moving average of $50.06 and a 200-day simple moving average of $47.33. The company has a market capitalization of $39.31 billion, a P/E ratio of 79.13, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33.

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

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.44%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GLW shares. Barclays decreased 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. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Morgan Stanley increased their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

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.