Versor Investments LP Sells 15,514 Shares of Corning Incorporated (NYSE:GLW)

Versor Investments LP lowered its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 52.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,986 shares of the electronics maker's stock after selling 15,514 shares during the quarter. Versor Investments LP's holdings in Corning were worth $665,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. FMR LLC raised its stake in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. State Street Corp raised its position in Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock valued at $1,534,337,000 after buying an additional 1,242,718 shares during the period. Los Angeles Capital Management LLC lifted its stake in Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock worth $75,740,000 after acquiring an additional 1,145,955 shares in the last quarter. Conning Inc. boosted its position in Corning by 14,556.8% during the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker's stock worth $39,778,000 after acquiring an additional 875,008 shares during the period. Finally, Nisa Investment Advisors LLC grew its stake in Corning by 223.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 856,878 shares of the electronics maker's stock valued at $40,719,000 after acquiring an additional 592,187 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Performance

Shares of NYSE:GLW traded down $1.42 during trading on Tuesday, reaching $46.83. The stock had a trading volume of 5,990,170 shares, compared to its average volume of 5,596,966. The stock has a fifty day simple moving average of $50.19 and a two-hundred day simple moving average of $47.21. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The firm has a market capitalization of $40.11 billion, a price-to-earnings ratio of 80.74, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate 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, analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Friday, February 28th. Corning's dividend payout ratio (DPR) is currently 193.10%.

Insiders Place Their Bets

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on 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. Company insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on GLW. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. HSBC raised Corning from a "hold" rating to a "buy" rating and lifted their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Citigroup lifted their price target on Corning from $55.00 to $58.00 and gave the company a "buy" rating in a report on Tuesday, January 21st. Finally, Barclays dropped their price objective 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 research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $53.00.

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.