Riverwater Partners LLC Sells 8,302 Shares of Corning Incorporated (NYSE:GLW)

Riverwater Partners LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 49.3% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 8,521 shares of the electronics maker's stock after selling 8,302 shares during the period. Riverwater Partners LLC's holdings in Corning were worth $405,000 at the end of the most recent quarter.

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

Insider Activity at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the firm'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 sale, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the company's 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 disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

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Corning Stock Performance

Shares of Corning stock traded down $1.90 on Thursday, reaching $41.36. The stock had a trading volume of 2,260,525 shares, compared to its average volume of 5,874,065. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The business's 50-day moving average price is $47.98 and its two-hundred day moving average price is $47.83. The stock has a market cap of $35.44 billion, a P/E ratio of 70.87, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33.

Corning (NYSE:GLW - Get Free Report) last announced 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 net margin of 3.86% and a return on equity of 15.10%. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date was Friday, February 28th. Corning's dividend payout ratio (DPR) is 193.10%.

Wall Street Analyst Weigh In

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

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.