Corning Incorporated (NYSE:GLW) Shares Sold by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. trimmed its position in Corning Incorporated (NYSE:GLW) by 0.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 27,015 shares of the electronics maker’s stock after selling 207 shares during the period. Legacy Capital Group California Inc.’s holdings in Corning were worth $1,284,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its position in Corning by 7.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 40,214 shares of the electronics maker’s stock worth $1,816,000 after acquiring an additional 2,702 shares during the period. Whittier Trust Co. lifted its stake in shares of Corning by 4.6% in the 3rd quarter. Whittier Trust Co. now owns 19,603 shares of the electronics maker’s stock valued at $885,000 after purchasing an additional 863 shares during the last quarter. Eastern Bank purchased a new position in shares of Corning during the 3rd quarter worth $118,000. International Assets Investment Management LLC increased its position in shares of Corning by 1,780.0% during the 3rd quarter. International Assets Investment Management LLC now owns 248,009 shares of the electronics maker’s stock worth $11,198,000 after purchasing an additional 234,817 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in shares of Corning during the 3rd quarter worth about $269,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In other Corning news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 41,085 shares of company stock worth $2,103,486. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on GLW shares. UBS Group increased their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Barclays lowered their price objective 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. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Price Performance

GLW stock opened at $51.87 on Friday. The business’s 50-day moving average is $49.79 and its two-hundred day moving average is $46.58. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The firm has a market capitalization of $44.43 billion, a P/E ratio of 89.42, a P/E/G ratio of 1.52 and a beta of 1.03. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33.

Corning (NYSE:GLW) last issued its earnings results 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 net margin of 3.86% and a return on equity of 15.10%. Analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.16%. Corning’s dividend payout ratio (DPR) is currently 193.11%.

About Corning

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.