Corning Incorporated (NYSE:GLW) Shares Sold by Loring Wolcott & Coolidge Fiduciary Advisors LLP MA

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its holdings in Corning Incorporated (NYSE:GLW) by 1.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,678 shares of the electronics maker’s stock after selling 330 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Corning were worth $639,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Natixis Advisors L.P. boosted its stake in Corning by 5.9% during the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after purchasing an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC acquired a new position in shares of Corning during the 4th quarter valued at about $1,199,000. HB Wealth Management LLC grew its holdings in shares of Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after purchasing an additional 1,926 shares during the period. SG Americas Securities LLC increased its position in Corning by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after purchasing an additional 40,564 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Corning by 6.6% during the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after purchasing an additional 490,638 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on GLW shares. Barclays increased their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Finally, Morgan Stanley reiterated an “overweight” rating and set a $35.00 price target on shares of Corning in a research report on Monday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Corning has a consensus rating of “Hold” and an average target price of $34.78.

Insiders Place Their Bets

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.45% of the stock is owned by company insiders.

Corning Stock Up 0.4 %

Shares of GLW traded up $0.12 during mid-day trading on Tuesday, hitting $31.67. 1,044,980 shares of the company’s stock were exchanged, compared to its average volume of 4,690,530. The stock’s 50-day moving average is $32.30 and its 200-day moving average is $30.41. 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 Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The company has a market cap of $27.09 billion, a price-to-earnings ratio of 47.10, a P/E/G ratio of 1.73 and a beta of 1.08.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 analyst estimates of $3.26 billion. During the same period in the prior year, the business earned $0.47 EPS. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. On average, sell-side analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced 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 3.54%. Corning’s payout ratio is 167.16%.

About Corning

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.