Corning Incorporated (NYSE:GLW) Shares Sold by Second Half Financial Partners LLC

Second Half Financial Partners LLC reduced its stake in Corning Incorporated (NYSE:GLW) by 54.3% during the 4th quarter, Holdings Channel reports. The fund owned 4,995 shares of the electronics maker’s stock after selling 5,945 shares during the period. Second Half Financial Partners LLC’s holdings in Corning were worth $237,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in GLW. Sound Income Strategies LLC lifted 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 purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC acquired a new position in shares of Corning in the fourth quarter valued at approximately $25,000. Asset Planning Inc acquired a new position in shares of Corning in the fourth quarter valued at approximately $29,000. Rosenberg Matthew Hamilton lifted its stake in shares of 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 buying an additional 500 shares during the period. Finally, Mainstream Capital Management LLC purchased a new stake in Corning in the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity

In other news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated 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 Securities & Exchange Commission, which can be accessed through this link. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated 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 in the company, valued at approximately $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. Insiders own 0.40% of the company’s stock.

Corning Price Performance

Corning stock opened at $44.18 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $37.85 billion, a P/E ratio of 76.17, a PEG ratio of 1.50 and a beta of 1.03. The firm has a fifty day moving average of $45.45 and a 200-day moving average of $47.60. Corning Incorporated has a 52-week low of $31.37 and a 52-week high of $55.33.

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

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date was Friday, February 28th. Corning’s dividend payout ratio is presently 193.10%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on GLW shares. Bank of America increased their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Mizuho set a $52.00 target price on Corning in a research report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price target on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Barclays cut their price objective 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. Finally, Citigroup decreased their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.31.

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.