CIBC Private Wealth Group LLC Sells 7,449 Shares of Corning Incorporated (NYSE:GLW)

CIBC Private Wealth Group LLC decreased its position in Corning Incorporated (NYSE:GLW - Free Report) by 12.0% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 54,536 shares of the electronics maker's stock after selling 7,449 shares during the period. CIBC Private Wealth Group LLC's holdings in Corning were worth $2,603,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in GLW. Norges Bank acquired a new stake in shares of Corning in the 4th quarter valued at approximately $490,933,000. Amundi boosted its holdings in Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock valued at $186,186,000 after purchasing an additional 2,268,436 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Corning in the fourth quarter valued at approximately $92,522,000. Appaloosa LP bought a new stake in shares of Corning during the 4th quarter valued at $71,280,000. Finally, State Street Corp grew its stake in Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock worth $1,534,337,000 after buying an additional 1,242,718 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Corning Stock Performance

Shares of Corning stock traded up $0.49 during trading hours on Monday, hitting $39.56. 9,184,764 shares of the company's stock traded hands, compared to its average volume of 5,856,831. The stock has a market capitalization of $33.89 billion, a price-to-earnings ratio of 68.21, a PEG ratio of 1.50 and a beta of 1.03. The company has a fifty day simple moving average of $48.75 and a 200-day simple moving average of $47.97. 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 Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33.

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were issued a dividend of $0.28 per share. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.83%. Corning's payout ratio is 193.10%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GLW. Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and upped their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup raised their price objective 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. Barclays reduced their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. Finally, Morgan Stanley upped their target price on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 17th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $54.31.

Insider Activity at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred 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. 0.40% of the stock is currently owned by corporate insiders.

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.