Ingalls & Snyder LLC Sells 3,020 Shares of Corning Incorporated (NYSE:GLW)

Ingalls & Snyder LLC lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 12.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,013 shares of the electronics maker’s stock after selling 3,020 shares during the period. Ingalls & Snyder LLC’s holdings in Corning were worth $640,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Federated Hermes Inc. boosted its stake in Corning by 5.7% during the third quarter. Federated Hermes Inc. now owns 6,079 shares of the electronics maker’s stock valued at $176,000 after buying an additional 328 shares during the last quarter. Smith Moore & CO. raised its holdings in shares of Corning by 2.5% during the 1st quarter. Smith Moore & CO. now owns 14,583 shares of the electronics maker’s stock worth $514,000 after acquiring an additional 350 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Corning by 1.6% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 22,337 shares of the electronics maker’s stock valued at $713,000 after acquiring an additional 360 shares during the last quarter. Harvest Investment Advisors LLC grew its holdings in shares of Corning by 1.0% in the third quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock valued at $1,106,000 after purchasing an additional 364 shares in the last quarter. Finally, Venture Visionary Partners LLC grew its holdings in shares of Corning by 2.0% in the fourth quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock valued at $589,000 after purchasing an additional 380 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on GLW shares. Barclays upped their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research report on Thursday, February 1st. UBS Group upped their price objective on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. JPMorgan Chase & Co. lifted their target price on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. One equities research 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 MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $34.56.

Corning Stock Performance

Shares of Corning stock opened at $31.49 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The stock’s fifty day moving average is $32.40 and its two-hundred day moving average is $30.36. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a market capitalization of $26.93 billion, a PE ratio of 47.00, a price-to-earnings-growth ratio of 1.79 and a beta of 1.08.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the prior year, the business posted $0.47 earnings per share. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. As a group, analysts expect that Corning Incorporated will post 1.86 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued 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 payout ratio is 167.16%.

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.40% of the stock is owned by company 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.