Corning Incorporated (NYSE:GLW) Shares Sold by Tufton Capital Management

Tufton Capital Management trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 220,310 shares of the electronics maker’s stock after selling 2,624 shares during the quarter. Corning accounts for about 2.0% of Tufton Capital Management’s investment portfolio, making the stock its 11th biggest position. Tufton Capital Management’s holdings in Corning were worth $10,469,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Parkside Financial Bank & Trust increased its position in shares of Corning by 11.2% during the fourth quarter. Parkside Financial Bank & Trust now owns 4,984 shares of the electronics maker’s stock worth $237,000 after acquiring an additional 502 shares during the last quarter. QRG Capital Management Inc. increased its holdings in Corning by 9.0% in the fourth quarter. QRG Capital Management Inc. now owns 38,429 shares of the electronics maker’s stock valued at $1,826,000 after buying an additional 3,189 shares during the last quarter. Otter Creek Advisors LLC increased its holdings in Corning by 0.6% in the fourth quarter. Otter Creek Advisors LLC now owns 84,126 shares of the electronics maker’s stock valued at $3,998,000 after buying an additional 463 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in Corning in the fourth quarter valued at about $8,996,000. Finally, Oppenheimer & Co. Inc. increased its holdings in Corning by 6.8% in the fourth quarter. Oppenheimer & Co. Inc. now owns 185,597 shares of the electronics maker’s stock valued at $8,820,000 after buying an additional 11,789 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

NYSE GLW opened at $48.93 on Friday. The stock has a market capitalization of $41.91 billion, a P/E ratio of 84.35, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The business’s fifty day moving average is $50.12 and its two-hundred day moving average is $47.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

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

Corning Announces Dividend

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 paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio (DPR) is currently 193.10%.

Insider Buying and Selling at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were 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. Company insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

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