CORDA Investment Management LLC. Has $27.59 Million Stock Position in Corning Incorporated (NYSE:GLW)

CORDA Investment Management LLC. cut its holdings in Corning Incorporated (NYSE:GLW) by 1.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 580,594 shares of the electronics maker’s stock after selling 8,351 shares during the period. Corning comprises approximately 2.2% of CORDA Investment Management LLC.’s investment portfolio, making the stock its 22nd biggest holding. CORDA Investment Management LLC.’s holdings in Corning were worth $27,590,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in GLW. Sound Income Strategies LLC lifted its position in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new position in Corning in the fourth quarter valued at approximately $25,000. Asset Planning Inc acquired a new position in shares of Corning during the 4th quarter worth approximately $29,000. Rosenberg Matthew Hamilton increased its position in shares of Corning by 202.4% during 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, JFS Wealth Advisors LLC raised its stake in shares of Corning by 171.8% during the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock worth $38,000 after purchasing an additional 512 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Corning Stock Performance

GLW opened at $48.93 on Friday. 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 business has a fifty day simple moving average of $50.12 and a 200 day simple moving average of $47.03. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a market capitalization of $41.91 billion, a PE ratio of 84.35, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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%. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 dividend on an annualized basis and a dividend yield of 2.29%. Corning’s payout ratio is presently 193.10%.

Wall Street Analyst Weigh In

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

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.