Corning Incorporated (NYSE:GLW) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. cut its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 12.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,111,923 shares of the electronics maker's stock after selling 156,721 shares during the quarter. Alliancebernstein L.P. owned about 0.13% of Corning worth $52,839,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Sound Income Strategies LLC raised its holdings in shares of Corning by 76.7% in 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 last quarter. Sierra Ocean LLC acquired a new stake in Corning during the 4th quarter worth about $25,000. Asset Planning Inc acquired a new position in Corning in the 4th quarter worth approximately $29,000. Rosenberg Matthew Hamilton raised its holdings in shares of 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 purchasing an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC purchased a new stake in Corning in the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at $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. 0.40% of the stock is owned by insiders.

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Corning Price Performance

GLW stock traded down $1.59 during mid-day trading on Thursday, reaching $41.67. The company's stock had a trading volume of 1,265,895 shares, compared to its average volume of 5,869,741. The stock has a market cap of $35.70 billion, a PE ratio of 72.09, a P/E/G ratio of 1.50 and a beta of 1.03. The company's 50 day moving average is $47.98 and its two-hundred day moving average is $47.83. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two 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 posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate 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 expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend was Friday, February 28th. Corning's payout ratio is presently 193.10%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GLW. Morgan Stanley upped their target price on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. HSBC upgraded 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. StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Finally, Barclays reduced their price target on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. Four equities research 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 presently has a consensus rating of "Moderate Buy" and an average target price of $54.31.

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.