Oxford Financial Group LTD. LLC Cuts Stake in Corning Incorporated (NYSE:GLW)

Oxford Financial Group LTD. LLC cut its stake in Corning Incorporated (NYSE:GLW) by 43.8% during the 4th quarter, HoldingsChannel reports. The firm owned 22,271 shares of the electronics maker’s stock after selling 17,333 shares during the quarter. Oxford Financial Group LTD. LLC’s holdings in Corning were worth $1,058,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Lee Danner & Bass Inc. purchased a new position in Corning in the fourth quarter valued at about $80,000. Whittier Trust Co. of Nevada Inc. raised its position in Corning by 81.8% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,867 shares of the electronics maker’s stock valued at $89,000 after purchasing an additional 840 shares during the period. HUB Investment Partners LLC raised its position in Corning by 42.1% in the fourth quarter. HUB Investment Partners LLC now owns 8,247 shares of the electronics maker’s stock valued at $392,000 after purchasing an additional 2,445 shares during the period. Magnetar Financial LLC purchased a new position in Corning in the fourth quarter valued at about $226,000. Finally, Talos Asset Management LP purchased a new position in Corning in the fourth quarter valued at about $23,313,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of GLW stock opened at $48.66 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The business has a 50 day moving average of $49.88 and a two-hundred day moving average of $47.63. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a market cap of $41.68 billion, a P/E ratio of 83.89, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 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%. As a group, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business 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 $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.30%. Corning’s payout ratio is currently 193.10%.

Analyst Upgrades and Downgrades

GLW has been the topic of several research reports. Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Bank of America lifted their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays dropped their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average target price of $54.31.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was 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 approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by insiders.

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.