Levin Capital Strategies L.P. Sells 15,392 Shares of Corning Incorporated (NYSE:GLW)

Levin Capital Strategies L.P. cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 62.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,235 shares of the electronics maker’s stock after selling 15,392 shares during the quarter. Levin Capital Strategies L.P.’s holdings in Corning were worth $439,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Sound Income Strategies LLC lifted its holdings in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC purchased a new stake in Corning during the fourth quarter valued at about $25,000. Asset Planning Inc purchased a new stake in Corning during the fourth quarter valued at about $29,000. Rosenberg Matthew Hamilton lifted its holdings in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the last quarter. Finally, JFS Wealth Advisors LLC lifted its holdings in Corning by 171.8% during the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock valued at $38,000 after purchasing an additional 512 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Up 2.5 %

GLW stock opened at $50.25 on Friday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company’s 50 day moving average is $50.18 and its 200 day moving average is $47.10. The stock has a market cap of $43.04 billion, a price-to-earnings ratio of 86.63, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is currently 193.10%.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the 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 SEC, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the 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 transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on GLW shares. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Morgan Stanley increased their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Citigroup increased their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, Barclays lowered their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

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.