Corning Incorporated (NYSE:GLW) Shares Sold by Sciencast Management LP

Sciencast Management LP reduced its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 83.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,191 shares of the electronics maker's stock after selling 52,097 shares during the period. Sciencast Management LP's holdings in Corning were worth $484,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in GLW. Wellington Management Group LLP grew its position in Corning by 0.3% in the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock worth $1,771,029,000 after acquiring an additional 133,214 shares in the last quarter. State Street Corp lifted its stake in shares of Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Corning by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker's stock worth $234,653,000 after purchasing an additional 84,905 shares during the period. Amundi increased its position in shares of Corning by 139.0% during 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 last quarter. Finally, FMR LLC raised its holdings in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after buying an additional 1,285,836 shares during the period. 69.80% of the stock is currently owned by institutional investors.

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Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business's stock in a transaction dated 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 filing with the SEC, which is accessible through this hyperlink. Also, 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 completion of the transaction, the chief operating officer now owns 152,944 shares of the company's stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Corning Stock Down 2.0 %

Shares of GLW stock traded down $1.02 during trading hours on Tuesday, reaching $48.88. 2,354,630 shares of the company's stock were exchanged, compared to its average volume of 5,495,028. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The stock's 50 day moving average is $49.98 and its 200-day moving average is $47.78. 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 market cap of $41.86 billion, a price-to-earnings ratio of 84.27, a P/E/G ratio of 1.50 and a beta of 1.03.

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 for the quarter, topping 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%. Analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 2.29%. Corning's payout ratio is 193.10%.

Wall Street Analyst Weigh In

GLW has been the subject of several recent analyst reports. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Citigroup upped their price target on shares of Corning from $55.00 to $58.00 and gave the company a "buy" rating in a report on Tuesday, January 21st. Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $54.31.

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.