Community Financial Services Group LLC Reduces Stake in Corning Incorporated (NYSE:GLW)

Community Financial Services Group LLC lessened its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 15.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 52,829 shares of the electronics maker's stock after selling 9,376 shares during the quarter. Community Financial Services Group LLC's holdings in Corning were worth $2,510,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Northstar Advisory Group LLC grew its position in shares of Corning by 258.4% during the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock worth $5,883,000 after buying an additional 89,268 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock worth $8,975,000 after buying an additional 62,514 shares in the last quarter. FMR LLC grew its position in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after buying an additional 1,285,836 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Corning by 16.8% during the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock worth $5,296,000 after buying an additional 16,001 shares in the last quarter. Finally, First Financial Bank Trust Division grew its position in shares of Corning by 27.5% during the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker's stock worth $6,565,000 after buying an additional 29,790 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company's stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 value of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,085 shares of company stock valued at $2,345,436. Corporate insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent research reports. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Barclays decreased their price target 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, HSBC upgraded Corning from a "hold" rating to a "buy" rating and increased their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $53.00.

Corning Trading Up 0.9 %

NYSE:GLW traded up $0.47 during trading hours on Friday, hitting $52.58. The company had a trading volume of 3,779,586 shares, compared to its average volume of 6,591,637. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a 50-day moving average of $49.52 and a 200 day moving average of $46.23. The company has a market cap of $45.02 billion, a P/E ratio of 90.66, a P/E/G ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last issued its 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%. Sell-side analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 2.13%. The ex-dividend date of this dividend is Friday, February 28th. Corning's payout ratio is 193.11%.

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.