Corning Incorporated (NYSE:GLW) Shares Sold by 1620 Investment Advisors Inc.

1620 Investment Advisors Inc. lessened its stake in Corning Incorporated (NYSE:GLW) by 4.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,780 shares of the electronics maker’s stock after selling 1,084 shares during the period. Corning accounts for about 0.9% of 1620 Investment Advisors Inc.’s holdings, making the stock its 24th biggest position. 1620 Investment Advisors Inc.’s holdings in Corning were worth $1,130,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Sound Income Strategies LLC increased its position in Corning by 76.7% in the 4th 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 position in Corning during the 4th quarter worth approximately $25,000. Asset Planning Inc acquired a new position in Corning during the 4th quarter worth approximately $29,000. Mainstream Capital Management LLC acquired a new position in Corning during the 4th quarter worth approximately $35,000. Finally, Rosenberg Matthew Hamilton increased its position in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Transactions at Corning

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of several recent analyst reports. Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays dropped 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. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their target price for the stock from $51.00 to $60.00 in a research 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

Corning Price Performance

GLW stock opened at $48.66 on Friday. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The stock’s fifty day simple moving average is $49.88 and its 200-day simple moving average is $47.63. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $41.68 billion, a price-to-earnings ratio of 83.89, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

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, topping 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%. Equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio (DPR) is 193.10%.

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.