Edmond DE Rothschild Holding S.A. Sells 2,035 Shares of Corning Incorporated (NYSE:GLW)

Edmond DE Rothschild Holding S.A. decreased its holdings in Corning Incorporated (NYSE:GLW) by 25.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,955 shares of the electronics maker’s stock after selling 2,035 shares during the quarter. Edmond DE Rothschild Holding S.A.’s holdings in Corning were worth $283,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Sound Income Strategies LLC boosted 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 last quarter. Sierra Ocean LLC purchased a new position in Corning during the 4th quarter worth $25,000. Asset Planning Inc bought a new stake in shares of Corning in the 4th quarter worth $29,000. Mainstream Capital Management LLC purchased a new stake in shares of Corning in the fourth quarter valued at about $35,000. Finally, 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 valued at $35,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction on 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 directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Alan Bell sold 2,209 shares of the company’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 owned by corporate insiders.

Corning Stock Up 2.3 %

Corning stock opened at $46.59 on Thursday. The firm has a 50 day simple moving average of $49.49 and a 200 day simple moving average of $48.03. 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 1-year low of $30.72 and a 1-year high of $55.33. The firm has a market capitalization of $39.92 billion, a price-to-earnings ratio of 80.33, a P/E/G ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly 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%. On average, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.40%. Corning’s dividend payout ratio (DPR) is currently 193.10%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Morgan Stanley upped their price objective on shares of Corning from $39.00 to $48.00 and gave the stock 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 stock from $51.00 to $60.00 in a report on Thursday, January 30th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Citigroup boosted their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Barclays decreased their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average target price of $54.31.

About Corning

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.