Hosking Partners LLP Sells 72,069 Shares of Corning Incorporated (NYSE:GLW)

Hosking Partners LLP decreased its holdings in Corning Incorporated (NYSE:GLW) by 13.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 462,601 shares of the electronics maker’s stock after selling 72,069 shares during the quarter. Hosking Partners LLP’s holdings in Corning were worth $21,983,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Parkside Financial Bank & Trust raised its holdings in shares of Corning by 11.2% during the fourth quarter. Parkside Financial Bank & Trust now owns 4,984 shares of the electronics maker’s stock valued at $237,000 after purchasing an additional 502 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Corning by 9.0% during the 4th quarter. QRG Capital Management Inc. now owns 38,429 shares of the electronics maker’s stock valued at $1,826,000 after buying an additional 3,189 shares during the period. Otter Creek Advisors LLC boosted its stake in shares of Corning by 0.6% in the 4th quarter. Otter Creek Advisors LLC now owns 84,126 shares of the electronics maker’s stock worth $3,998,000 after buying an additional 463 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in Corning during the fourth quarter valued at $8,996,000. Finally, Oppenheimer & Co. Inc. increased its position in Corning by 6.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 185,597 shares of the electronics maker’s stock valued at $8,820,000 after acquiring an additional 11,789 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $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. Insiders own 0.40% of the company’s stock.

Corning Trading Down 2.2 %

Shares of Corning stock opened at $48.93 on Friday. The stock has a market cap 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. The firm has a fifty day moving average price of $50.12 and a 200 day moving average price of $47.03. 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 1 year low of $30.72 and a 1 year high of $55.33.

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 return on equity of 15.10% and a net margin of 3.86%. Equities research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

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 paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.29%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Wall Street Analysts Forecast Growth

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

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.