Corning Incorporated (NYSE:GLW) Shares Sold by Nkcfo LLC

Nkcfo LLC lessened its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 55.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,500 shares of the electronics maker's stock after selling 5,500 shares during the quarter. Nkcfo LLC's holdings in Corning were worth $214,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. J.P. Marvel Investment Advisors LLC raised its position in shares of Corning by 0.9% during the 4th quarter. J.P. Marvel Investment Advisors LLC now owns 258,026 shares of the electronics maker's stock valued at $12,261,000 after buying an additional 2,315 shares during the period. Secured Retirement Advisors LLC purchased a new stake in shares of Corning during the 4th quarter valued at approximately $1,836,000. Allworth Financial LP raised its position in shares of Corning by 1.1% during the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock valued at $930,000 after buying an additional 220 shares during the period. Principal Securities Inc. raised its position in shares of Corning by 3.5% during the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock valued at $293,000 after buying an additional 211 shares during the period. Finally, bLong Financial LLC purchased a new stake in Corning in the fourth quarter valued at approximately $268,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Stock Down 0.6 %

Shares of GLW stock traded down $0.32 on Wednesday, reaching $52.57. 3,422,278 shares of the stock were exchanged, compared to its average volume of 5,614,243. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The business's 50 day moving average price is $49.69 and its 200 day moving average price is $46.48. The company has a market capitalization of $45.03 billion, a price-to-earnings ratio of 90.64, a PEG ratio of 1.52 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33.

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%. As a group, sell-side analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced 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. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.13%. Corning's payout ratio is currently 193.11%.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction 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 transaction, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,085 shares of company stock worth $2,345,436. Corporate insiders own 0.45% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GLW. Oppenheimer reissued an "outperform" rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. HSBC raised 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 report on Thursday, January 30th. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Finally, JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $53.00.

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.