Capital Investment Counsel Inc Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Capital Investment Counsel Inc lowered its stake in Corning Incorporated (NYSE:GLW) by 5.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 32,050 shares of the electronics maker’s stock after selling 2,000 shares during the period. Capital Investment Counsel Inc’s holdings in Corning were worth $1,523,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sound Income Strategies LLC boosted its stake in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC purchased a new stake in Corning during the 4th quarter valued at $25,000. Asset Planning Inc purchased a new stake in Corning during the 4th quarter valued at $29,000. Rosenberg Matthew Hamilton boosted its stake in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the last quarter. Finally, JFS Wealth Advisors LLC boosted its stake in Corning by 171.8% during the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock valued at $38,000 after purchasing an additional 512 shares during 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 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction dated 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 transaction, the chief operating officer now owns 152,944 shares in the company, 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. Insiders have sold 41,085 shares of company stock worth $2,103,486 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GLW. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft increased their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Citigroup increased their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Price Performance

NYSE GLW opened at $51.87 on Friday. The company has a market capitalization of $44.43 billion, a PE ratio of 89.42, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03. 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 business’s fifty day moving average is $49.79 and its 200 day moving average is $46.58. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33.

Corning (NYSE:GLW) last released its earnings results 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%. Sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 2.16%. Corning’s dividend payout ratio (DPR) is presently 193.11%.

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.