Corning Incorporated (NYSE:GLW) Stock Position Decreased by Aviance Capital Partners LLC

Aviance Capital Partners LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 73.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,511 shares of the electronics maker’s stock after selling 23,101 shares during the period. Aviance Capital Partners LLC’s holdings in Corning were worth $404,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Sound Income Strategies LLC grew its position in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new position in Corning in the 4th quarter worth about $25,000. Asset Planning Inc bought a new position in Corning in the 4th quarter worth about $29,000. Rosenberg Matthew Hamilton grew its position in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC bought a new position in Corning in the 4th quarter worth about $35,000. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on GLW. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and upped their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup upped their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Morgan Stanley upped their price target 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. Barclays reduced their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Finally, StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Stock Up 0.8 %

GLW stock opened at $45.89 on Friday. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The firm has a market cap of $39.31 billion, a PE ratio of 79.13, a P/E/G ratio of 1.50 and a beta of 1.03. The firm has a 50 day simple moving average of $50.06 and a 200 day simple moving average of $47.28. 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 (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS 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%. Equities research analysts forecast 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. Investors of record on Friday, February 28th will be given a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend 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 the company’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 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 represents a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s 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.

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.