IHT Wealth Management LLC Sells 2,559 Shares of Corning Incorporated (NYSE:GLW)

IHT Wealth Management LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 18.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,988 shares of the electronics maker’s stock after selling 2,559 shares during the quarter. IHT Wealth Management LLC’s holdings in Corning were worth $522,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sound Income Strategies LLC lifted its position 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 bought a new stake in shares of Corning during the 4th quarter worth $25,000. Asset Planning Inc bought a new position in Corning in the fourth quarter valued at $29,000. Rosenberg Matthew Hamilton raised its position 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 in the last quarter. Finally, Mainstream Capital Management LLC purchased a new position in shares of Corning in the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the subject of a number of recent research reports. Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Barclays lowered their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. Finally, HSBC upgraded Corning from a “hold” rating to a “buy” rating and increased their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus target price of $53.31.

Insider Buying and Selling

In other Corning news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value 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. The trade was a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Trading Up 0.7 %

Shares of GLW opened at $44.18 on Friday. Corning Incorporated has a 1-year low of $31.28 and a 1-year high of $55.33. 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 firm’s 50-day moving average price is $45.45 and its 200-day moving average price is $47.58. The firm has a market capitalization of $37.85 billion, a price-to-earnings ratio of 76.17, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last posted its 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 return on equity of 15.10% and a net margin of 3.86%. Sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date was Friday, February 28th. Corning’s dividend payout ratio is presently 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.