Corning Incorporated (NYSE:GLW) Shares Purchased by RNC Capital Management LLC

RNC Capital Management LLC boosted its holdings in Corning Incorporated (NYSE:GLW) by 15.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,124,894 shares of the electronics maker’s stock after buying an additional 148,320 shares during the period. Corning makes up 2.1% of RNC Capital Management LLC’s portfolio, making the stock its 23rd biggest holding. RNC Capital Management LLC’s holdings in Corning were worth $34,253,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in GLW. Peoples Bank KS acquired a new stake in Corning in the 3rd quarter worth about $25,000. OFI Invest Asset Management acquired a new stake in Corning in the 3rd quarter worth about $25,000. Janiczek Wealth Management LLC lifted its stake in shares of Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 571 shares in the last quarter. Pacifica Partners Inc. acquired a new position in shares of Corning in the 3rd quarter valued at about $28,000. Finally, SRS Capital Advisors Inc. lifted its stake in shares of Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.40% of the stock is owned by company insiders.

Corning Price Performance

GLW stock opened at $33.02 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The stock’s 50 day moving average is $32.05 and its two-hundred day moving average is $30.25. The company has a market capitalization of $28.24 billion, a PE ratio of 49.28, a P/E/G ratio of 1.84 and a beta of 1.08.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the previous year, the business earned $0.47 EPS. Corning’s revenue for the quarter was down 12.1% compared to the same quarter last year. Analysts predict that Corning Incorporated will post 1.86 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th will be issued a dividend of $0.28 per share. The ex-dividend date is Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.39%. Corning’s dividend payout ratio is presently 167.16%.

Analysts Set New Price Targets

GLW has been the topic of several research analyst reports. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research note on Thursday, February 1st. Barclays lifted their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. UBS Group lifted their price objective on Corning from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, January 11th. Finally, StockNews.com lowered Corning from a “hold” rating to a “sell” rating in a research note on Sunday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $32.88.

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.