Corning Incorporated (NYSE:GLW) Holdings Decreased by Argyle Capital Management Inc.

Argyle Capital Management Inc. trimmed its position in Corning Incorporated (NYSE:GLW) by 43.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,050 shares of the electronics maker’s stock after selling 17,400 shares during the quarter. Argyle Capital Management Inc.’s holdings in Corning were worth $702,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. Little House Capital LLC bought a new position in shares of Corning during the fourth quarter worth about $200,000. Intact Investment Management Inc. raised its holdings in shares of Corning by 56.2% during the fourth quarter. Intact Investment Management Inc. now owns 189,100 shares of the electronics maker’s stock valued at $5,758,000 after buying an additional 68,000 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Corning by 6.3% during the fourth quarter. Russell Investments Group Ltd. now owns 256,807 shares of the electronics maker’s stock worth $7,837,000 after buying an additional 15,283 shares during the period. Headlands Technologies LLC acquired a new position in shares of Corning during the fourth quarter worth approximately $51,000. Finally, Bryn Mawr Capital Management LLC acquired a new position in shares of Corning during the fourth quarter worth approximately $339,000. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

Shares of NYSE GLW traded down $0.02 during trading on Friday, hitting $31.33. The company had a trading volume of 3,689,954 shares, compared to its average volume of 3,969,842. The company has a market cap of $26.80 billion, a P/E ratio of 46.76, a PEG 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 business’s 50-day moving average is $32.28 and its 200 day moving average is $30.47. 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 announced its earnings results 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 net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the previous year, the business earned $0.47 EPS. The company’s revenue was down 12.1% on a year-over-year basis. Equities research analysts predict that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

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

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s 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 transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

GLW has been the subject of several analyst reports. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. Barclays boosted their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. UBS Group boosted their target price on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Susquehanna reissued a “positive” rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target 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.