Cannell & Spears LLC Sells 30,452 Shares of Corning Incorporated (NYSE:GLW)

Cannell & Spears LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 21.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 111,762 shares of the electronics maker’s stock after selling 30,452 shares during the quarter. Cannell & Spears LLC’s holdings in Corning were worth $5,311,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. FMR LLC grew its stake in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. CreativeOne Wealth LLC increased its holdings in shares of Corning by 20.5% in the third quarter. CreativeOne Wealth LLC now owns 9,944 shares of the electronics maker’s stock worth $449,000 after purchasing an additional 1,689 shares during the period. Public Sector Pension Investment Board increased its holdings in shares of Corning by 13.9% in the third quarter. Public Sector Pension Investment Board now owns 27,824 shares of the electronics maker’s stock worth $1,256,000 after purchasing an additional 3,400 shares during the period. Captrust Financial Advisors raised its position in shares of Corning by 6.4% in the third quarter. Captrust Financial Advisors now owns 100,289 shares of the electronics maker’s stock worth $4,528,000 after buying an additional 6,034 shares in the last quarter. Finally, Cobblestone Capital Advisors LLC NY boosted its stake in Corning by 152.7% during the third quarter. Cobblestone Capital Advisors LLC NY now owns 13,474 shares of the electronics maker’s stock valued at $608,000 after buying an additional 8,142 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the topic of several recent analyst reports. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. HSBC upgraded shares of 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. Morgan Stanley increased their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Barclays dropped their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Finally, Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.31.

Corning Trading Down 0.2 %

NYSE:GLW opened at $45.77 on Tuesday. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The company’s 50-day simple moving average is $49.76 and its 200 day simple moving average is $47.98. The firm has a market capitalization of $39.22 billion, a P/E ratio of 78.92, a PEG ratio of 1.50 and a beta of 1.03. 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 (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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, analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.45%. The ex-dividend date was Friday, February 28th. Corning’s dividend payout ratio is presently 193.10%.

Insider Buying and Selling

In related news, COO Eric S. Musser sold 30,000 shares of the business’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 transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The shares were 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. 0.40% of the stock is currently owned by company 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.