King Luther Capital Management Corp Sells 450 Shares of Corning Incorporated (NYSE:GLW)

King Luther Capital Management Corp lessened its holdings in Corning Incorporated (NYSE:GLW) by 1.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 42,038 shares of the electronics maker’s stock after selling 450 shares during the quarter. King Luther Capital Management Corp’s holdings in Corning were worth $1,998,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of GLW. Amundi boosted its stake in shares of Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock valued at $186,186,000 after purchasing an additional 2,268,436 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Corning in the 4th quarter valued at about $92,522,000. FMR LLC boosted its stake in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. State Street Corp boosted its stake in shares of Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. boosted its stake in shares of Corning by 218.5% in the 4th quarter. Cookson Peirce & Co. Inc. now owns 1,009,208 shares of the electronics maker’s stock valued at $47,958,000 after purchasing an additional 692,366 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Activity

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated 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 $7,940,852.48. The trade was 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 insiders.

Analyst Ratings Changes

GLW has been the topic of a number of analyst reports. Citigroup increased their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Morgan Stanley increased their price target 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. Finally, HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and increased their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Four investment 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Corning Trading Up 1.0 %

NYSE:GLW opened at $45.35 on Thursday. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. 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 price of $49.92 and a two-hundred day moving average price of $47.45. The company has a market cap of $38.84 billion, a P/E ratio of 78.19, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping 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 expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

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.