LGT Fund Management Co Ltd. Lowers Stock Holdings in Corning Incorporated (NYSE:GLW)

LGT Fund Management Co Ltd. lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 31.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,906 shares of the electronics maker’s stock after selling 2,759 shares during the period. LGT Fund Management Co Ltd.’s holdings in Corning were worth $281,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in GLW. Sound Income Strategies LLC grew its holdings 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 buying an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new position in shares of Corning during the fourth quarter worth $25,000. Asset Planning Inc acquired a new position in Corning in the 4th quarter valued at about $29,000. Rosenberg Matthew Hamilton increased its position in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares during the period. Finally, JFS Wealth Advisors LLC raised its position in Corning by 171.8% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on GLW shares. Morgan Stanley increased their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Barclays dropped their price target 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. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Citigroup boosted their price objective 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 Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Trading Down 4.0 %

GLW stock opened at $48.14 on Tuesday. 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 stock has a market capitalization of $41.23 billion, a price-to-earnings ratio of 83.00, a P/E/G ratio of 1.50 and a beta of 1.03. The business has a fifty day moving average price of $50.19 and a 200 day moving average price of $47.21. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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 fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio is 193.10%.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction 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 transaction, the chief operating officer now owns 152,944 shares in the company, 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. Company insiders own 0.40% of the company’s stock.

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.