Anchor Investment Management LLC Has $4.60 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Anchor Investment Management LLC reduced its position in shares of Corning Incorporated (NYSE:GLW) by 3.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 96,794 shares of the electronics maker’s stock after selling 3,197 shares during the period. Anchor Investment Management LLC’s holdings in Corning were worth $4,600,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sound Income Strategies LLC raised its position in shares of Corning by 76.7% during the fourth 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 period. Sierra Ocean LLC acquired a new stake in Corning in the 4th quarter valued at $25,000. Asset Planning Inc bought a new stake in Corning during the 4th quarter valued at $29,000. Rosenberg Matthew Hamilton lifted its stake in shares of Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC bought a new position in shares of Corning in the fourth quarter valued at $35,000. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the subject of several recent research reports. Barclays decreased their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Bank of America lifted their target price on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Morgan Stanley lifted their price objective 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. Four 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. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $53.69.

Corning Stock Up 0.8 %

GLW opened at $41.57 on Tuesday. The company has a 50 day moving average of $47.34 and a 200 day moving average of $47.78. 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 Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The company has a market cap of $35.62 billion, a PE ratio of 71.67, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

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

Corning Announces Dividend

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

Insider Activity

In related news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction 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 sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the business’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 owned by company insiders.

About Corning

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.