Investment House LLC Sells 46,499 Shares of Corning Incorporated (NYSE:GLW)

Investment House LLC reduced its stake in Corning Incorporated (NYSE:GLW - Free Report) by 48.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,816 shares of the electronics maker's stock after selling 46,499 shares during the quarter. Investment House LLC's holdings in Corning were worth $1,517,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Peoples Bank KS acquired a new position in Corning during the third quarter worth $25,000. OFI Invest Asset Management acquired a new position in Corning during the third quarter valued at approximately $25,000. SRS Capital Advisors Inc. grew its stake in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker's stock valued at $28,000 after buying an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new position in Corning during the fourth quarter worth $31,000. Finally, Emfo LLC bought a new stake in Corning during the fourth quarter worth $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

NYSE GLW traded up $1.60 on Tuesday, hitting $33.38. 12,892,630 shares of the company's stock were exchanged, compared to its average volume of 4,785,781. The stock has a 50-day moving average of $32.27 and a 200-day moving average of $30.49. The stock has a market cap of $28.55 billion, a price-to-earnings ratio of 49.73, a P/E/G ratio of 1.73 and a beta of 1.08. Corning Incorporated has a 52 week low of $25.26 and a 52 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.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the prior year, the firm posted $0.47 earnings per share. The firm's revenue was down 12.1% compared to the same quarter last year. Analysts expect that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning's dividend payout ratio (DPR) is currently 167.16%.

Insider Activity

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning 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 transaction, the insider now directly owns 215,254 shares of the company's stock, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.45% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GLW shares. Morgan Stanley reaffirmed an "overweight" rating and issued a $35.00 target price on shares of Corning in a report on Monday, April 22nd. UBS Group increased their price target on Corning from $34.00 to $35.00 and gave the company a "neutral" rating in a research note on Monday, April 8th. StockNews.com raised Corning from a "sell" rating to a "hold" rating in a report on Monday, April 1st. JPMorgan Chase & Co. upped their price objective on shares of Corning from $34.00 to $36.00 and gave the company a "neutral" rating in a report on Thursday, April 11th. Finally, Susquehanna restated a "positive" rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, Corning presently has a consensus rating of "Hold" and an average price target of $34.78.

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.