Hosking Partners LLP Sells 72,069 Shares of Corning Incorporated (NYSE:GLW)

Hosking Partners LLP decreased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 13.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 462,601 shares of the electronics maker's stock after selling 72,069 shares during the period. Hosking Partners LLP owned approximately 0.05% of Corning worth $21,983,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in GLW. 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 acquiring an additional 227 shares during the last quarter. Sierra Ocean LLC purchased a new position in shares of Corning in the fourth quarter valued at $25,000. Asset Planning Inc bought a new stake in Corning in the fourth quarter worth $29,000. Rosenberg Matthew Hamilton raised its stake in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after purchasing an additional 500 shares in the last quarter. Finally, JFS Wealth Advisors LLC lifted its position in 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 last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GLW. Morgan Stanley boosted their target price on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 17th. HSBC raised Corning from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Citigroup raised their price objective on Corning from $55.00 to $58.00 and gave the company a "buy" rating in a research note on Tuesday, January 21st. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Finally, Barclays decreased their price target on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $53.00.

Insider Buying and Selling at Corning

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 value of $110,162.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the company'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 sale, 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. 0.40% of the stock is currently owned by corporate insiders.

Corning Trading Down 3.6 %

Shares of NYSE GLW traded down $1.76 during mid-day trading on Tuesday, reaching $46.50. The company had a trading volume of 9,934,183 shares, compared to its average volume of 5,395,104. The stock has a market cap of $39.83 billion, a price-to-earnings ratio of 80.17, a price-to-earnings-growth ratio of 1.50 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 business's 50-day moving average is $50.19 and its 200-day moving average is $47.21. 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 issued 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%. Equities analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

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 given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Friday, February 28th. Corning's dividend payout ratio (DPR) is presently 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.