Rodgers Brothers Inc. Lowers Stock Position in Corning Incorporated (NYSE:GLW)

Rodgers Brothers Inc. decreased its position in Corning Incorporated (NYSE:GLW) by 0.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 186,310 shares of the electronics maker’s stock after selling 1,650 shares during the period. Corning comprises 1.2% of Rodgers Brothers Inc.’s investment portfolio, making the stock its 21st biggest position. Rodgers Brothers Inc.’s holdings in Corning were worth $8,853,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of GLW. Norges Bank purchased a new position in Corning during the fourth quarter worth approximately $490,933,000. Amundi raised its stake in shares of Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after buying an additional 2,268,436 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Corning during the 4th quarter valued at approximately $92,522,000. Appaloosa LP acquired a new stake in Corning in the 4th quarter valued at $71,280,000. Finally, FMR LLC increased its holdings in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

NYSE:GLW opened at $45.91 on Monday. The company’s 50-day moving average is $49.84 and its two-hundred day moving average is $47.95. The firm has a market capitalization of $39.33 billion, a price-to-earnings ratio of 79.16, a PEG ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating 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%. Analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.44%. Corning’s dividend payout ratio (DPR) is currently 193.10%.

Analyst Ratings Changes

Several analysts have recently issued reports on GLW shares. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Citigroup boosted 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. Finally, Barclays reduced their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $54.31.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, 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. 0.40% of the stock is currently owned by 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.