RNC Capital Management LLC Boosts Stock Holdings in Corning Incorporated (NYSE:GLW)

RNC Capital Management LLC raised its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 15.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,124,894 shares of the electronics maker's stock after acquiring an additional 148,320 shares during the period. Corning makes up about 2.1% of RNC Capital Management LLC's investment portfolio, making the stock its 23rd largest position. RNC Capital Management LLC owned 0.13% of Corning worth $34,253,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Federated Hermes Inc. lifted its position in shares of Corning by 5.7% during the 3rd quarter. Federated Hermes Inc. now owns 6,079 shares of the electronics maker's stock valued at $176,000 after buying an additional 328 shares in the last quarter. Harvest Investment Advisors LLC lifted its holdings in Corning by 0.9% in the 2nd quarter. Harvest Investment Advisors LLC now owns 35,922 shares of the electronics maker's stock valued at $1,259,000 after purchasing an additional 335 shares in the last quarter. Resurgent Financial Advisors LLC lifted its holdings in Corning by 8.8% in the 2nd quarter. Resurgent Financial Advisors LLC now owns 4,157 shares of the electronics maker's stock valued at $146,000 after purchasing an additional 337 shares in the last quarter. 1620 Investment Advisors Inc. lifted its holdings in Corning by 2.5% in the 2nd quarter. 1620 Investment Advisors Inc. now owns 14,014 shares of the electronics maker's stock valued at $491,000 after purchasing an additional 347 shares in the last quarter. Finally, Smith Moore & CO. lifted its holdings in Corning by 2.5% in the 1st quarter. Smith Moore & CO. now owns 14,583 shares of the electronics maker's stock valued at $514,000 after purchasing an additional 350 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Corning Trading Down 0.2 %

Shares of Corning stock traded down $0.06 on Thursday, reaching $32.96. 3,887,907 shares of the company were exchanged, compared to its average volume of 4,846,627. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $28.19 billion, a price-to-earnings ratio of 49.19, a price-to-earnings-growth ratio of 1.84 and a beta of 1.08. The stock has a fifty day moving average price of $32.12 and a 200-day moving average price of $30.27.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting analysts' consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the previous year, the company posted $0.47 earnings per share. The business's quarterly revenue was down 12.1% compared to the same quarter last year. On average, analysts expect that Corning Incorporated will post 1.86 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th will be paid a dividend of $0.28 per share. The ex-dividend date is Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.40%. Corning's dividend payout ratio (DPR) is presently 167.16%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. UBS Group raised their target price on Corning from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Thursday, January 11th. Barclays boosted their price objective on Corning from $28.00 to $35.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 31st. HSBC lowered Corning from a "hold" rating to a "reduce" rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. Finally, StockNews.com lowered Corning from a "hold" rating to a "sell" rating in a report on Sunday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $32.88.

Insider Transactions at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business's stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares of the company's stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.40% of the stock is currently owned by corporate insiders.

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.