M. Kulyk & Associates LLC Sells 15,537 Shares of Corning Incorporated (NYSE:GLW)

M. Kulyk & Associates LLC lowered its holdings in shares of Corning Incorporated (NYSE:GLW) by 14.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,673 shares of the electronics maker’s stock after selling 15,537 shares during the period. M. Kulyk & Associates LLC’s holdings in Corning were worth $4,404,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of GLW. Principal Financial Group Inc. boosted its stake in Corning by 1.4% during the third quarter. Principal Financial Group Inc. now owns 890,981 shares of the electronics maker’s stock worth $40,228,000 after acquiring an additional 12,451 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in Corning during the third quarter worth about $88,000. Hollencrest Capital Management boosted its stake in Corning by 143.5% during the third quarter. Hollencrest Capital Management now owns 1,488 shares of the electronics maker’s stock worth $67,000 after acquiring an additional 877 shares in the last quarter. CWA Asset Management Group LLC bought a new stake in Corning during the third quarter worth about $5,705,000. Finally, Mesirow Financial Investment Management Inc. boosted its stake in Corning by 2.4% during the third quarter. Mesirow Financial Investment Management Inc. now owns 144,393 shares of the electronics maker’s stock worth $6,519,000 after acquiring an additional 3,375 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several research reports. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Morgan Stanley upped their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Barclays dropped their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Citigroup upped their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and upped their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.00.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Eric S. Musser sold 30,000 shares of the company’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 sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Corning Stock Up 0.8 %

GLW opened at $45.89 on Friday. 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 firm has a 50 day moving average price of $50.06 and a 200-day moving average price of $47.33. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The stock has a market capitalization of $39.31 billion, a price-to-earnings ratio of 79.13, a PEG ratio of 1.50 and a beta of 1.03.

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

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.44%. Corning’s dividend payout ratio is currently 193.10%.

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.