Stevens Capital Management LP Sells 3,004 Shares of Corning Incorporated (NYSE:GLW)

Stevens Capital Management LP lowered its position in shares of Corning Incorporated (NYSE:GLW) by 12.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,950 shares of the electronics maker’s stock after selling 3,004 shares during the period. Stevens Capital Management LP’s holdings in Corning were worth $668,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Syon Capital LLC bought a new stake in Corning in the 4th quarter valued at about $339,000. Community Bank N.A. lifted its position in shares of Corning by 9.4% during the fourth quarter. Community Bank N.A. now owns 83,802 shares of the electronics maker’s stock worth $2,552,000 after acquiring an additional 7,170 shares in the last quarter. Alaska Permanent Fund Corp lifted its position in shares of Corning by 0.5% during the fourth quarter. Alaska Permanent Fund Corp now owns 83,222 shares of the electronics maker’s stock worth $2,534,000 after acquiring an additional 438 shares in the last quarter. Corrado Advisors LLC raised its position in shares of Corning by 23.3% in the fourth quarter. Corrado Advisors LLC now owns 40,908 shares of the electronics maker’s stock worth $1,246,000 after buying an additional 7,742 shares in the last quarter. Finally, GAMMA Investing LLC purchased a new stake in shares of Corning in the fourth quarter worth $40,000. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.40% of the stock is currently owned by company insiders.

Corning Stock Performance

Shares of NYSE:GLW traded down $0.17 on Thursday, hitting $31.35. 3,769,929 shares of the company were exchanged, compared to its average volume of 4,688,000. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The stock’s 50 day moving average price is $32.30 and its 200 day moving average price is $30.43. 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 $26.82 billion, a P/E ratio of 46.79, a price-to-earnings-growth ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.47 earnings per share. Sell-side analysts predict that Corning Incorporated will post 1.87 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.57%. Corning’s dividend payout ratio is presently 167.16%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their price objective on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Barclays increased their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. Morgan Stanley reissued an “overweight” rating and set a $35.00 price target on shares of Corning in a report on Monday. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. Finally, Susquehanna reissued a “positive” rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Corning presently has a consensus rating of “Hold” and an average target price of $34.78.

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.