Arvest Investments Inc. Lowers Position in Corning Incorporated (NYSE:GLW)

Arvest Investments Inc. lessened its position in Corning Incorporated (NYSE:GLW) by 6.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 39,858 shares of the electronics maker’s stock after selling 2,786 shares during the quarter. Arvest Investments Inc.’s holdings in Corning were worth $1,894,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Sound Income Strategies LLC raised its stake in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC purchased a new position in Corning during the fourth quarter valued at $25,000. Asset Planning Inc purchased a new position in Corning during the fourth quarter valued at $29,000. Rosenberg Matthew Hamilton raised its stake in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC purchased a new position in Corning during the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction dated Thursday, January 30th. The stock was 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 at this link. Also, COO Eric S. Musser sold 30,000 shares of the business’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 sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by corporate insiders.

Corning Stock Performance

Shares of GLW opened at $48.84 on Thursday. 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 one year low of $30.72 and a one year high of $55.33. The firm has a market capitalization of $41.83 billion, a P/E ratio of 84.20, a PEG ratio of 1.50 and a beta of 1.03. The business has a fifty day moving average of $49.86 and a 200 day moving average of $47.62.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.29%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio is presently 193.10%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Barclays lowered their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. HSBC raised Corning from a “hold” rating to a “buy” rating and lifted their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

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.