Two Point Capital Management Inc. Trims Stock Position in Corning Incorporated (NYSE:GLW)

Two Point Capital Management Inc. reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 74,134 shares of the electronics maker’s stock after selling 1,794 shares during the quarter. Corning makes up about 1.4% of Two Point Capital Management Inc.’s holdings, making the stock its 23rd biggest holding. Two Point Capital Management Inc.’s holdings in Corning were worth $3,822,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Sound Income Strategies LLC grew its position in shares of Corning by 76.7% in the 4th 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 period. Rosenberg Matthew Hamilton grew its position in shares of 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 buying an additional 500 shares during the period. Cassady Schiller Wealth Management LLC purchased a new stake in shares of Corning in the 3rd quarter worth about $39,000. RPg Family Wealth Advisory LLC bought a new position in Corning in the 3rd quarter worth about $40,000. Finally, Union Bancaire Privee UBP SA bought a new position in Corning in the 4th quarter worth about $40,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of NYSE:GLW opened at $51.99 on Thursday. The firm’s 50 day moving average price is $49.36 and its 200-day moving average price is $46.08. The stock has a market capitalization of $44.51 billion, a PE ratio of 89.64, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping 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%. Equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Insider Buying and Selling

In other Corning news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred 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 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 filing with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,085 shares of company stock valued at $2,345,436. 0.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Oppenheimer restated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley upped their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

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.