Corning Incorporated (NYSE:GLW) Shares Sold by Compass Ion Advisors LLC

Compass Ion Advisors LLC reduced its position in shares of Corning Incorporated (NYSE:GLW) by 3.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 11,146 shares of the electronics maker’s stock after selling 390 shares during the quarter. Compass Ion Advisors LLC’s holdings in Corning were worth $530,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP grew its holdings in Corning by 0.3% during the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after acquiring an additional 133,214 shares during the period. State Street Corp increased its stake in Corning by 3.8% in the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Corning by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker’s stock worth $234,653,000 after purchasing an additional 84,905 shares in the last quarter. Amundi increased its stake in Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after purchasing an additional 2,268,436 shares in the last quarter. Finally, FMR LLC increased its stake in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.45% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on GLW shares. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. HSBC raised Corning from a “hold” rating to a “buy” rating and lifted their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Morgan Stanley lifted their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Barclays lowered their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.00.

Corning Stock Up 0.9 %

Shares of Corning stock opened at $47.27 on Wednesday. The firm has a market cap of $40.49 billion, a price-to-earnings ratio of 81.49, 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 52-week low of $30.72 and a 52-week high of $55.33. The stock has a 50-day simple moving average of $49.84 and a 200-day simple moving average of $47.57.

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, 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 research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.37%. Corning’s dividend payout ratio is 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.