Fisher Asset Management LLC Reduces Holdings in Corning Incorporated (NYSE:GLW)

Fisher Asset Management LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 7.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,342 shares of the electronics maker’s stock after selling 752 shares during the quarter. Fisher Asset Management LLC’s holdings in Corning were worth $444,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Sound Income Strategies LLC boosted its stake in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares during the period. Sierra Ocean LLC purchased a new position in Corning during the fourth quarter worth $25,000. Asset Planning Inc purchased a new position in Corning during the fourth quarter worth $29,000. Rosenberg Matthew Hamilton boosted its stake in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares during the period. Finally, JFS Wealth Advisors LLC boosted its stake in shares of Corning by 171.8% during the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock valued at $38,000 after purchasing an additional 512 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the company’s 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 owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Performance

Shares of Corning stock opened at $45.49 on Friday. The company has a market capitalization of $38.97 billion, a PE ratio of 78.44, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a 50-day simple moving average of $50.10 and a two-hundred day simple moving average of $47.29. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last announced its 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%. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued 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 2.46%. Corning’s dividend payout ratio is presently 193.10%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Barclays lowered their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and boosted their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Morgan Stanley boosted their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Citigroup boosted their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

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.