CIBC Private Wealth Group LLC Lowers Stock Holdings in Corning Incorporated (NYSE:GLW)

CIBC Private Wealth Group LLC lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 12.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,536 shares of the electronics maker’s stock after selling 7,449 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Corning were worth $2,603,000 at the end of the most recent quarter.

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

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction 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 in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GLW. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Bank of America increased their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Morgan Stanley boosted 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. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and raised their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Four research 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 company. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $54.31.

Corning Stock Up 2.3 %

Shares of NYSE GLW opened at $46.59 on Thursday. The firm’s 50-day moving average is $49.49 and its two-hundred day moving average is $48.03. The company has a market capitalization of $39.92 billion, a PE ratio of 80.33, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. 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 (NYSE:GLW) last posted 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%. Equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s payout ratio is 193.10%.

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.