Corning Incorporated (NYSE:GLW) Shares Sold by Raymond James & Associates

Raymond James & Associates decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 11.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,657,415 shares of the electronics maker’s stock after selling 217,315 shares during the period. Raymond James & Associates owned 0.19% of Corning worth $50,468,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank purchased a new stake in Corning during the fourth quarter worth approximately $241,456,000. Price T Rowe Associates Inc. MD grew its stake in Corning by 74.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,681,332 shares of the electronics maker’s stock worth $306,278,000 after buying an additional 3,694,339 shares during the period. Morgan Stanley grew its stake in Corning by 26.5% during the fourth quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock worth $438,666,000 after buying an additional 2,875,197 shares during the period. BlackRock Inc. grew its stake in Corning by 5.2% during the second quarter. BlackRock Inc. now owns 58,326,630 shares of the electronics maker’s stock worth $2,043,765,000 after buying an additional 2,872,992 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after buying an additional 2,301,745 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on GLW shares. UBS Group boosted their price objective on shares of Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, January 11th. StockNews.com downgraded shares of Corning from a “hold” rating to a “sell” rating in a research note on Sunday. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research note on Thursday, February 1st. Finally, Barclays upped their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $32.88.

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.40% of the company’s stock.

Corning Trading Up 2.2 %

NYSE GLW opened at $33.02 on Thursday. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The company has a market capitalization of $28.24 billion, a price-to-earnings ratio of 49.28, a price-to-earnings-growth ratio of 1.84 and a beta of 1.08. The company’s fifty day moving average price is $32.05 and its two-hundred day moving average price is $30.25.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business’s quarterly revenue was down 12.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.47 EPS. As a group, research analysts predict that Corning Incorporated will post 1.86 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend is Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Corning Company 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.