Ancora Advisors LLC Sells 300 Shares of Corning Incorporated (NYSE:GLW)

Ancora Advisors LLC lowered its holdings in Corning Incorporated (NYSE:GLW) by 2.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,510 shares of the electronics maker’s stock after selling 300 shares during the period. Ancora Advisors LLC’s holdings in Corning were worth $499,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Sound Income Strategies LLC grew its position in 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 buying an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new stake in shares of Corning during the 4th quarter valued at $25,000. Asset Planning Inc acquired a new stake in shares of Corning during the 4th quarter worth $29,000. Mainstream Capital Management LLC bought a new position in shares of Corning in the fourth quarter worth $35,000. Finally, Rosenberg Matthew Hamilton raised its stake in 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 purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling

In other news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

GLW has been the topic of a number of analyst reports. Citigroup reduced their price objective on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Bank of America lifted their price objective on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. decreased their price target on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Finally, StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.08.

Corning Price Performance

Corning stock opened at $45.41 on Tuesday. The company has a market capitalization of $38.91 billion, a PE ratio of 78.29, a P/E/G ratio of 1.50 and a beta of 1.09. 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 stock has a 50-day moving average price of $44.70 and a two-hundred day moving average price of $47.55. Corning Incorporated has a 12 month low of $32.92 and a 12 month high of $55.33.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same period last year, the company earned $0.38 EPS. The firm’s revenue was up 12.9% compared to the same quarter last year. Analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.47%. Corning’s payout ratio is 215.38%.

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.