Townsend Asset Management Corp NC ADV Raises Holdings in Corning Incorporated (NYSE:GLW)

Townsend Asset Management Corp NC ADV lifted its holdings in Corning Incorporated (NYSE:GLW) by 23.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,733 shares of the electronics maker’s stock after buying an additional 1,449 shares during the quarter. Townsend Asset Management Corp NC ADV’s holdings in Corning were worth $367,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Sound Income Strategies LLC lifted its holdings in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC acquired a new stake in shares of Corning in the fourth quarter valued at about $25,000. Asset Planning Inc acquired a new stake in shares of Corning in the fourth quarter valued at about $29,000. Rosenberg Matthew Hamilton boosted its holdings in Corning by 202.4% during 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 in the last quarter. Finally, Mainstream Capital Management LLC acquired a new position in Corning during the fourth quarter worth about $35,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm’s 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 completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $47.12 on Thursday. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company’s 50 day simple moving average is $50.15 and its 200 day simple moving average is $47.31. The company has a market capitalization of $40.36 billion, a price-to-earnings ratio of 81.23, a PEG ratio of 1.50 and a beta of 1.03. 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 issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.38%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Analyst Upgrades and Downgrades

GLW has been the topic of several research analyst reports. Citigroup boosted their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Barclays decreased their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Morgan Stanley raised 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. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Corning 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.