Autumn Glory Partners LLC Reduces Stake in Corning Incorporated (NYSE:GLW)

Autumn Glory Partners LLC lessened its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 23.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 28,151 shares of the electronics maker's stock after selling 8,494 shares during the quarter. Autumn Glory Partners LLC's holdings in Corning were worth $1,338,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Asset Planning Inc acquired a new stake in shares of Corning during the fourth quarter valued at about $29,000. Figure 8 Investment Strategies LLC acquired a new stake in Corning in the 4th quarter valued at approximately $2,459,000. Bogart Wealth LLC increased its holdings in Corning by 18.3% in the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock valued at $67,000 after purchasing an additional 219 shares during the last quarter. SFE Investment Counsel raised its position in Corning by 1.9% in the fourth quarter. SFE Investment Counsel now owns 24,826 shares of the electronics maker's stock valued at $1,180,000 after purchasing an additional 470 shares during the period. Finally, MFG Wealth Management Inc. acquired a new position in Corning during the fourth quarter worth $2,186,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLW has been the topic of several research analyst reports. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. JPMorgan Chase & Co. raised their price objective on shares of Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $49.00 to $54.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a research report on Tuesday, December 24th. Finally, Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Corning currently has an average rating of "Moderate Buy" and an average price target of $53.00.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of the 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 directly owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,085 shares of company stock valued at $2,345,436. Insiders own 0.45% of the company's stock.

Corning Stock Down 0.6 %

Shares of NYSE GLW traded down $0.32 during mid-day trading on Wednesday, reaching $52.57. The company had a trading volume of 3,422,278 shares, compared to its average volume of 5,614,243. The firm has a 50 day simple moving average of $49.69 and a two-hundred day simple moving average of $46.48. The stock has a market cap of $45.03 billion, a P/E ratio of 90.64, a PEG ratio of 1.52 and a beta of 1.03. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (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%. Sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 yield of 2.13%. The ex-dividend date of this dividend is Friday, February 28th. Corning's dividend payout ratio is currently 193.11%.

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.