CORDA Investment Management LLC. Has $27.59 Million Stake in Corning Incorporated (NYSE:GLW)

CORDA Investment Management LLC. decreased its holdings in Corning Incorporated (NYSE:GLW) by 1.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 580,594 shares of the electronics maker’s stock after selling 8,351 shares during the quarter. Corning makes up about 2.2% of CORDA Investment Management LLC.’s investment portfolio, making the stock its 22nd largest position. CORDA Investment Management LLC. owned approximately 0.07% of Corning worth $27,590,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Sound Income Strategies LLC raised its holdings in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC acquired a new stake in Corning in the 4th quarter valued at about $25,000. Asset Planning Inc bought a new position in shares of Corning in the fourth quarter worth about $29,000. Rosenberg Matthew Hamilton lifted its position in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares in the last quarter. Finally, JFS Wealth Advisors LLC grew its stake in shares of Corning by 171.8% during the fourth 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. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity

In other news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction 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 completion of the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GLW. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Barclays cut their price target 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 raised 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. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, HSBC raised shares of Corning from a “hold” rating to a “buy” rating and raised their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Corning Stock Down 2.2 %

Shares of NYSE GLW opened at $48.93 on Friday. Corning Incorporated has a 52-week low of $30.72 and a 52-week 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. The stock has a market cap of $41.91 billion, a P/E ratio of 84.35, a P/E/G ratio of 1.50 and a beta of 1.03. The firm has a 50 day moving average price of $50.12 and a 200 day moving average price of $47.03.

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

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

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.