Foster & Motley Inc. Decreases Position in Corning Incorporated (NYSE:GLW)

Foster & Motley Inc. trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 15.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 138,064 shares of the electronics maker’s stock after selling 24,341 shares during the quarter. Foster & Motley Inc.’s holdings in Corning were worth $4,204,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. CWM LLC lifted its position in shares of Corning by 3.5% in the third quarter. CWM LLC now owns 22,906 shares of the electronics maker’s stock valued at $698,000 after acquiring an additional 778 shares in the last quarter. HB Wealth Management LLC lifted its position in shares of Corning by 13.6% in the third quarter. HB Wealth Management LLC now owns 7,945 shares of the electronics maker’s stock valued at $242,000 after acquiring an additional 951 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Corning by 29.0% in the third quarter. SG Americas Securities LLC now owns 67,794 shares of the electronics maker’s stock valued at $2,066,000 after acquiring an additional 15,229 shares in the last quarter. GHP Investment Advisors Inc. lifted its position in shares of Corning by 3.2% in the third quarter. GHP Investment Advisors Inc. now owns 259,586 shares of the electronics maker’s stock valued at $7,250,000 after acquiring an additional 8,056 shares in the last quarter. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Corning in the third quarter valued at $1,903,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of NYSE:GLW opened at $31.50 on Tuesday. The firm has a market capitalization of $26.94 billion, a PE ratio of 47.10, a P/E/G ratio of 1.73 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The business has a 50-day moving average of $32.30 and a two-hundred day moving average of $30.41. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same quarter last year, the firm earned $0.47 earnings per share. The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. As a group, research analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were paid a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.56%. Corning’s dividend payout ratio (DPR) is currently 167.16%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GLW. JPMorgan Chase & Co. upped their price objective on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research note on Thursday, February 1st. Barclays upped their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. UBS Group upped their target price on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, Susquehanna reiterated a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $34.78.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.45% of the company’s stock.

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.