Corning Incorporated (NYSE:GLW) Shares Sold by Keybank National Association OH

Keybank National Association OH lessened its position in shares of Corning Incorporated (NYSE:GLW) by 1.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 350,314 shares of the electronics maker’s stock after selling 3,691 shares during the period. Keybank National Association OH’s holdings in Corning were worth $16,647,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Sound Income Strategies LLC grew its stake in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new stake in Corning during the 4th quarter worth about $25,000. Asset Planning Inc acquired a new position in shares of Corning during the 4th quarter worth about $29,000. Rosenberg Matthew Hamilton boosted its position in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC purchased a new position in shares of Corning in the 4th quarter valued at about $35,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Corning Stock Performance

NYSE GLW opened at $46.50 on Wednesday. The business’s 50-day moving average price is $50.16 and its 200 day moving average price is $47.26. 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 cap of $39.83 billion, a P/E ratio of 80.17, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several recent analyst reports. Barclays decreased their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Citigroup increased their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, Morgan Stanley upped their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Four investment 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’s stock. According to MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus price target of $53.00.

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.