Hudson Value Partners LLC Reduces Holdings in Corning Incorporated (NYSE:GLW)

Hudson Value Partners LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 1.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 111,192 shares of the electronics maker’s stock after selling 1,360 shares during the period. Corning accounts for approximately 2.0% of Hudson Value Partners LLC’s holdings, making the stock its 17th biggest holding. Hudson Value Partners LLC’s holdings in Corning were worth $5,284,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of GLW. Sound Income Strategies LLC increased 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 purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new stake in shares of Corning in the 4th quarter worth about $25,000. Asset Planning Inc bought a new stake in shares of Corning in the 4th quarter worth about $29,000. Rosenberg Matthew Hamilton increased 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 purchasing an additional 500 shares during the last quarter. Finally, JFS Wealth Advisors LLC grew its position in shares of Corning by 171.8% during the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock valued at $38,000 after buying an additional 512 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the business’s 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. The trade was a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,085 shares of company stock worth $2,345,436. 0.45% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GLW. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and boosted their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Citigroup boosted their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Barclays cut their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.00.

Corning Price Performance

Shares of Corning stock opened at $52.81 on Wednesday. The firm has a fifty day moving average price of $49.60 and a two-hundred day moving average price of $46.39. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a market cap of $45.24 billion, a PE ratio of 91.06, a price-to-earnings-growth ratio of 1.52 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 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently announced 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 2.12%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is presently 193.11%.

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.