InterOcean Capital Group LLC Has $247,000 Stake in Corning Incorporated (NYSE:GLW)

InterOcean Capital Group LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 18.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 7,492 shares of the electronics maker’s stock after selling 1,732 shares during the period. InterOcean Capital Group LLC’s holdings in Corning were worth $247,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in GLW. Wellington Management Group LLP increased its holdings in Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after buying an additional 2,597,878 shares during the period. Dimensional Fund Advisors LP increased its stake in Corning by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock valued at $296,054,000 after acquiring an additional 146,807 shares during the period. Norges Bank acquired a new position in Corning in the fourth quarter worth about $247,721,000. FIL Ltd lifted its stake in Corning by 1.5% during the fourth quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock worth $218,609,000 after purchasing an additional 105,994 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in Corning by 41.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after purchasing an additional 1,828,097 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the subject of a number of recent research reports. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Citigroup lifted their price objective on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Bank of America boosted their target price on Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Finally, Mizuho increased their price objective on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, June 18th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $43.38.

Corning Price Performance

GLW opened at $43.09 on Friday. The company has a fifty day moving average price of $39.70 and a two-hundred day moving average price of $34.80. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The firm has a market capitalization of $36.91 billion, a PE ratio of 60.30, a P/E/G ratio of 1.62 and a beta of 1.05. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the prior year, the company posted $0.41 earnings per share. The firm’s revenue was down 11.5% on a year-over-year basis. As a group, analysts anticipate that Corning Incorporated will post 1.94 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio is currently 157.75%.

Insider Activity at Corning

In other news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 175,207 shares of company stock worth $5,876,067. 0.40% of the stock is currently owned by company insiders.

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.