Corning Incorporated (NYSE:GLW) Position Lessened by Keene & Associates Inc.

Keene & Associates Inc. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 5.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 85,201 shares of the electronics maker’s stock after selling 4,677 shares during the period. Corning makes up approximately 3.3% of Keene & Associates Inc.’s holdings, making the stock its 8th largest holding. Keene & Associates Inc.’s holdings in Corning were worth $4,049,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in GLW. Bleakley Financial Group LLC raised its position in Corning by 10.1% during the third quarter. Bleakley Financial Group LLC now owns 12,316 shares of the electronics maker’s stock valued at $556,000 after purchasing an additional 1,130 shares in the last quarter. OLD National Bancorp IN raised its position in Corning by 13.9% during the third quarter. OLD National Bancorp IN now owns 17,295 shares of the electronics maker’s stock valued at $781,000 after purchasing an additional 2,114 shares in the last quarter. Vest Financial LLC raised its position in Corning by 33.9% during the third quarter. Vest Financial LLC now owns 14,376 shares of the electronics maker’s stock valued at $649,000 after purchasing an additional 3,636 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Corning by 7.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 40,214 shares of the electronics maker’s stock valued at $1,816,000 after purchasing an additional 2,702 shares in the last quarter. Finally, Whittier Trust Co. raised its position in Corning by 4.6% during the third quarter. Whittier Trust Co. now owns 19,603 shares of the electronics maker’s stock valued at $885,000 after purchasing an additional 863 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on Friday, January 31st. The shares were 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. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,085 shares of company stock worth $2,345,436. Insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Citigroup raised their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Stock Performance

Corning stock opened at $52.81 on Wednesday. The stock’s 50 day simple moving average is $49.60 and its two-hundred day simple moving average is $46.39. 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 stock has a market cap of $45.24 billion, a price-to-earnings ratio of 91.06, a PEG ratio of 1.52 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) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating 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%. As a group, analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.12%. Corning’s payout ratio is 193.11%.

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.