Corient Private Wealth LLC Sells 9,416 Shares of Corning Incorporated (NYSE:GLW)

Corient Private Wealth LLC reduced its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 1.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 483,365 shares of the electronics maker's stock after selling 9,416 shares during the quarter. Corient Private Wealth LLC owned 0.06% of Corning worth $22,970,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Northstar Advisory Group LLC lifted its stake in Corning by 258.4% in the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock worth $5,883,000 after acquiring an additional 89,268 shares in the last quarter. Franklin Resources Inc. lifted its position in Corning by 48.4% in 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 lifted its position in Corning by 52.8% in 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 raised its stake 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 purchasing an additional 16,001 shares in the last quarter. Finally, First Financial Bank Trust Division raised its stake 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 purchasing an additional 29,790 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

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Corning Stock Performance

GLW traded down $0.18 on Friday, hitting $48.49. 10,770,242 shares of the stock traded hands, compared to its average volume of 5,492,071. The firm has a market capitalization of $41.53 billion, a PE ratio of 83.60, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The business has a fifty day moving average price of $49.91 and a two-hundred day moving average price of $47.63.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm 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 $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. Corning's payout ratio is currently 193.10%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GLW. Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. HSBC upgraded 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. Bank of America raised their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Barclays cut their price objective on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 29th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $54.31.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction 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 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 completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by insiders.

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.