Sei Investments Co. Reduces Stock Position in Corning Incorporated (NYSE:GLW)

Sei Investments Co. cut its stake in Corning Incorporated (NYSE:GLW) by 29.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 176,877 shares of the electronics maker’s stock after selling 75,126 shares during the quarter. Sei Investments Co.’s holdings in Corning were worth $8,406,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sound Income Strategies LLC increased its position in shares of Corning by 76.7% during 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 period. Sierra Ocean LLC purchased a new position in Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc bought a new stake in Corning during the 4th quarter worth approximately $29,000. Rosenberg Matthew Hamilton lifted its stake in Corning by 202.4% in the 4th 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, Mainstream Capital Management LLC bought a new position in Corning in the 4th quarter valued at $35,000. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

In other news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 value of $110,162.83. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GLW shares. Citigroup increased their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. HSBC raised Corning from a “hold” rating to a “buy” rating and raised their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Bank of America boosted their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Barclays cut their price target on shares of 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 equities research 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Corning Stock Down 1.4 %

Shares of NYSE:GLW opened at $45.91 on Monday. The stock has a market capitalization of $39.33 billion, a P/E ratio of 79.16, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The stock’s 50-day moving average price is $49.84 and its 200-day moving average price is $47.95. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping 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%. On average, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Friday, February 28th. Corning’s payout ratio is 193.10%.

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.