RNC Capital Management LLC Increases Stake in Corning Incorporated (NYSE:GLW)

RNC Capital Management LLC lifted its stake in Corning Incorporated (NYSE:GLW) by 15.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,124,894 shares of the electronics maker’s stock after purchasing an additional 148,320 shares during the quarter. Corning comprises about 2.1% of RNC Capital Management LLC’s portfolio, making the stock its 23rd largest holding. RNC Capital Management LLC owned about 0.13% of Corning worth $34,253,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Peoples Bank KS purchased a new position in shares of Corning in the 3rd quarter valued at approximately $25,000. OFI Invest Asset Management acquired a new position in Corning in the 3rd quarter worth approximately $25,000. Janiczek Wealth Management LLC increased its holdings in Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 571 shares during the period. Pacifica Partners Inc. acquired a new position in Corning in the 3rd quarter worth approximately $28,000. Finally, SRS Capital Advisors Inc. increased its holdings in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Corning Price Performance

Corning stock opened at $33.02 on Thursday. The company’s fifty day moving average price is $32.05 and its 200 day moving average price is $30.25. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The stock has a market capitalization of $28.24 billion, a P/E ratio of 49.28, a P/E/G ratio of 1.84 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter last year, the company earned $0.47 EPS. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Corning Incorporated will post 1.86 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders 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 yield of 3.39%. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Wall Street Analysts Forecast Growth

GLW has been the topic of several research reports. UBS Group increased their price target on shares of Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, January 11th. Barclays raised their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research note on Thursday, February 1st. Finally, StockNews.com cut shares of Corning from a “hold” rating to a “sell” rating in a research note on Sunday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Hold” and an average price target of $32.88.

Corning Company 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.