Lincluden Management Ltd. Sells 27,340 Shares of Corning Incorporated (NYSE:GLW)

Lincluden Management Ltd. cut its stake in Corning Incorporated (NYSE:GLW) by 29.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 66,395 shares of the electronics maker’s stock after selling 27,340 shares during the period. Lincluden Management Ltd.’s holdings in Corning were worth $3,155,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of GLW. Allspring Global Investments Holdings LLC lifted 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 worth $1,816,000 after acquiring an additional 2,702 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in Corning by 1,780.0% during the 3rd quarter. International Assets Investment Management LLC now owns 248,009 shares of the electronics maker’s stock worth $11,198,000 after purchasing an additional 234,817 shares during the last quarter. Hennion & Walsh Asset Management Inc. acquired a new stake in Corning during the 3rd quarter worth approximately $269,000. Lake Street Advisors Group LLC boosted its stake in Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares during the period. Finally, Allworth Financial LP grew its holdings in Corning by 1.3% in the 3rd quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock valued at $874,000 after buying an additional 251 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

Corning stock opened at $50.79 on Tuesday. 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 Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The stock has a market capitalization of $43.50 billion, a P/E ratio of 87.56, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The stock has a fifty day moving average of $49.97 and a 200-day moving average of $46.86.

Corning (NYSE:GLW) last issued 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 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 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.21%. Corning’s dividend payout ratio is currently 193.10%.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated 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 directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on GLW shares. Barclays dropped their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. UBS Group lifted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Citigroup increased their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Corning Company 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.