Corning Incorporated (NYSE:GLW) Shares Sold by Abbot Financial Management Inc.

Abbot Financial Management Inc. trimmed its stake in Corning Incorporated (NYSE:GLW) by 2.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 43,655 shares of the electronics maker’s stock after selling 1,100 shares during the period. Corning comprises 1.0% of Abbot Financial Management Inc.’s investment portfolio, making the stock its 25th biggest holding. Abbot Financial Management Inc.’s holdings in Corning were worth $2,074,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Gladstone Institutional Advisory LLC acquired a new stake in shares of Corning in the third quarter valued at $284,000. Farther Finance Advisors LLC boosted its stake in shares of Corning by 61.9% in the third quarter. Farther Finance Advisors LLC now owns 23,936 shares of the electronics maker’s stock valued at $1,081,000 after purchasing an additional 9,149 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Corning by 6.7% in the third quarter. Janney Montgomery Scott LLC now owns 404,686 shares of the electronics maker’s stock worth $18,272,000 after acquiring an additional 25,576 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its stake in Corning by 372.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 413,327 shares of the electronics maker’s stock worth $18,662,000 after purchasing an additional 325,776 shares in the last quarter. Finally, National Pension Service boosted its stake in shares of Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after buying an additional 152,922 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on GLW shares. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and lifted their price target for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Citigroup raised their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Activity

In related news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction 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 Trading Down 3.6 %

Shares of GLW stock opened at $46.50 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The firm has a market capitalization of $39.83 billion, a PE ratio of 80.17, a P/E/G ratio of 1.50 and a beta of 1.03. The business’s fifty day moving average price is $50.16 and its 200 day moving average price is $47.26.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. Corning’s payout ratio is 193.10%.

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.