Primecap Management Co. CA Reduces Holdings in Corning Incorporated (NYSE:GLW)

Primecap Management Co. CA decreased its holdings in Corning Incorporated (NYSE:GLW) by 2.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,325,672 shares of the electronics maker’s stock after selling 232,847 shares during the quarter. Primecap Management Co. CA owned 0.97% of Corning worth $395,636,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Sound Income Strategies LLC raised its stake in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC bought a new stake in Corning during the 4th quarter worth approximately $25,000. Asset Planning Inc bought a new stake in Corning during the 4th quarter worth approximately $29,000. Mainstream Capital Management LLC bought a new stake in Corning during the 4th quarter worth approximately $35,000. Finally, Rosenberg Matthew Hamilton raised its stake in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.1 %

NYSE GLW opened at $46.81 on Tuesday. The company’s 50-day moving average price is $49.85 and its 200-day moving average price is $47.53. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock has a market cap of $40.09 billion, a PE ratio of 80.70, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is presently 193.10%.

Insider Transactions at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This represents 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 dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.