Corning Incorporated (NYSE:GLW) Shares Sold by Wintrust Investments LLC

Wintrust Investments LLC reduced its position in shares of Corning Incorporated (NYSE:GLW) by 50.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 838 shares of the electronics maker’s stock after selling 860 shares during the quarter. Wintrust Investments LLC’s holdings in Corning were worth $39,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GLW. Amundi boosted its stake in shares of Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after purchasing an additional 2,268,436 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Corning during the 4th quarter worth about $92,522,000. FMR LLC boosted its position in shares of Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. State Street Corp boosted its position in shares of Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. boosted its position in shares of Corning by 218.5% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 1,009,208 shares of the electronics maker’s stock worth $47,958,000 after acquiring an additional 692,366 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Up 0.3 %

GLW opened at $45.56 on Friday. The firm has a market capitalization of $39.02 billion, a P/E ratio of 78.55, a P/E/G ratio of 1.50 and a beta of 1.03. The firm’s 50 day moving average is $49.89 and its 200-day moving average is $47.43. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its quarterly earnings data 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 net margin of 3.86% and a return on equity of 15.10%. Analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.46%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Buying and Selling

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on 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 approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GLW. Morgan Stanley raised their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Barclays decreased their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Citigroup raised their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Finally, HSBC raised shares of Corning from a “hold” rating to a “buy” rating and lifted their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus target price 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.