Corning Incorporated (NYSE:GLW) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC lowered its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 2.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 408,710 shares of the electronics maker's stock after selling 8,540 shares during the quarter. Chevy Chase Trust Holdings LLC's holdings in Corning were worth $19,422,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in GLW. Sound Income Strategies LLC grew its stake in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after purchasing an additional 227 shares during the period. Asset Planning Inc acquired a new position in shares of Corning during the 4th quarter worth $29,000. Rosenberg Matthew Hamilton grew its stake in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares during the period. Cassady Schiller Wealth Management LLC acquired a new stake in Corning in the 3rd quarter valued at about $39,000. Finally, RPg Family Wealth Advisory LLC purchased a new position in Corning during the 3rd quarter valued at about $40,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GLW has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a "hold" rating to a "buy" rating in a report on Tuesday, December 24th. HSBC upgraded shares of Corning from a "hold" rating to a "buy" rating and raised their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Morgan Stanley lifted their price target on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 17th. Finally, Barclays lowered their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus target price of $53.00.

Corning Stock Down 0.6 %

Shares of NYSE:GLW traded down $0.32 during midday trading on Wednesday, reaching $52.57. The company had a trading volume of 3,414,050 shares, compared to its average volume of 5,611,152. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock's fifty day moving average price is $49.69 and its 200-day moving average price is $46.48. The stock has a market capitalization of $45.03 billion, a P/E ratio of 90.64, a PEG ratio of 1.52 and a beta of 1.03. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping 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%. Equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm 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. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.13%. Corning's payout ratio is 193.11%.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the company's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,085 shares of company stock worth $2,345,436 over the last 90 days. Insiders own 0.45% of the company's stock.

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.