Summit X LLC Decreases Stock Position in Corning Incorporated (NYSE:GLW)

Summit X LLC reduced its position in Corning Incorporated (NYSE:GLW) by 43.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 4,386 shares of the electronics maker’s stock after selling 3,376 shares during the period. Summit X LLC’s holdings in Corning were worth $208,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Sound Income Strategies LLC increased its position in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC purchased a new stake in Corning in the fourth quarter worth $25,000. Asset Planning Inc purchased a new stake in Corning in the fourth quarter worth $29,000. Rosenberg Matthew Hamilton increased its position in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares during the last quarter. Finally, Mainstream Capital Management LLC purchased a new stake in Corning in the fourth quarter worth $35,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $45.35 on Thursday. The firm has a market capitalization of $38.84 billion, a price-to-earnings ratio of 78.19, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The stock has a fifty day moving average of $49.92 and a 200 day moving average of $47.45. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last posted its quarterly earnings data 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 return on equity of 15.10% and a net margin of 3.86%. On average, research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio (DPR) is currently 193.10%.

Analysts Set New Price Targets

A number of research firms have issued reports on GLW. Barclays decreased their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Morgan Stanley lifted their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and lifted their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $53.00.

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.