Cannell & Spears LLC Sells 30,452 Shares of Corning Incorporated (NYSE:GLW)

Cannell & Spears LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 21.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 111,762 shares of the electronics maker's stock after selling 30,452 shares during the period. Cannell & Spears LLC's holdings in Corning were worth $5,311,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Sound Income Strategies LLC increased its stake in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new position in shares of Corning in the fourth quarter worth approximately $25,000. Asset Planning Inc acquired a new stake in shares of Corning during the fourth quarter valued at approximately $29,000. Mainstream Capital Management LLC purchased a new stake in shares of Corning in the 4th quarter valued at approximately $35,000. Finally, Rosenberg Matthew Hamilton boosted its stake in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Down 7.6 %

NYSE:GLW traded down $3.21 during trading hours on Friday, reaching $39.08. The company's stock had a trading volume of 11,892,123 shares, compared to its average volume of 5,840,924. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a market cap of $33.48 billion, a price-to-earnings ratio of 67.37, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The business's 50-day moving average is $48.95 and its 200-day moving average is $47.97.

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Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 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%. Equities research analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Friday, February 28th. Corning's dividend payout ratio is currently 193.10%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GLW. Barclays reduced their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and raised their price objective for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Bank of America raised their price target on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Finally, Citigroup upped their price objective 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 investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $54.31.

Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the business's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the firm's stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

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.