BOK Financial Private Wealth Inc. Lowers Stock Holdings in Corning Incorporated (NYSE:GLW)

BOK Financial Private Wealth Inc. reduced its position in shares of Corning Incorporated (NYSE:GLW) by 54.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 624 shares of the electronics maker’s stock after selling 747 shares during the period. BOK Financial Private Wealth Inc.’s holdings in Corning were worth $30,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sound Income Strategies LLC boosted 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 buying an additional 227 shares during the period. Sierra Ocean LLC acquired a new stake in shares of Corning in the fourth quarter valued at $25,000. Asset Planning Inc acquired a new stake in shares of Corning in the fourth quarter valued at $29,000. Mainstream Capital Management LLC acquired a new stake in shares of Corning in the fourth quarter valued at $35,000. Finally, Rosenberg Matthew Hamilton raised 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 acquiring an additional 500 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of GLW stock opened at $45.89 on Monday. The stock’s 50-day moving average is $50.06 and its two-hundred day moving average is $47.38. The firm has a market cap of $39.31 billion, a price-to-earnings ratio of 79.13, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

Insider Buying and Selling

In related 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 transaction, 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 filing with the SEC, which is available through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’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. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GLW. HSBC upgraded Corning from a “hold” rating to a “buy” rating and increased their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Barclays reduced their price objective on 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 increased their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus 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.