Two Point Capital Management Inc. Decreases Holdings in Corning Incorporated (NYSE:GLW)

Two Point Capital Management Inc. lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 2.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 74,134 shares of the electronics maker’s stock after selling 1,794 shares during the period. Corning comprises about 1.4% of Two Point Capital Management Inc.’s holdings, making the stock its 23rd biggest position. Two Point Capital Management Inc.’s holdings in Corning were worth $3,822,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. Sound Income Strategies LLC increased its stake in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Rosenberg Matthew Hamilton increased its stake in shares of Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning in the third quarter worth about $39,000. RPg Family Wealth Advisory LLC purchased a new position in Corning during the third quarter valued at approximately $40,000. Finally, Union Bancaire Privee UBP SA purchased a new position in Corning during the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.8 %

Shares of GLW opened at $51.99 on Thursday. The firm has a market cap of $44.51 billion, a price-to-earnings ratio of 89.64, a PEG ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The firm has a 50 day moving average price of $49.36 and a 200-day moving average price of $46.08.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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%. As a group, equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on GLW. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Citigroup boosted their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. UBS Group boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley boosted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction 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 $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. Insiders sold 46,085 shares of company stock worth $2,345,436 in the last three months. 0.40% of the stock is owned by insiders.

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.