Corning Incorporated (NYSE:GLW) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA trimmed its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 11.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,079,500 shares of the electronics maker's stock after selling 524,050 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.48% of Corning worth $193,858,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Sound Income Strategies LLC lifted its stake in 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 acquiring an additional 227 shares in the last quarter. Sierra Ocean LLC acquired a new stake in shares of Corning during the fourth quarter worth about $25,000. Asset Planning Inc purchased a new position in shares of Corning in the fourth quarter valued at approximately $29,000. Mainstream Capital Management LLC acquired a new position in shares of Corning in the fourth quarter valued at approximately $35,000. Finally, Rosenberg Matthew Hamilton increased its stake in 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 buying an additional 500 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the business's stock in a transaction that occurred on 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 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

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Wall Street Analysts Forecast Growth

Several research firms have commented on GLW. Citigroup boosted their price target on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Barclays lowered their price objective on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. Finally, Bank of America lifted their price target on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.31.

Corning Stock Performance

GLW traded up $4.02 on Wednesday, reaching $43.20. The company had a trading volume of 8,706,613 shares, compared to its average volume of 5,887,753. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The stock has a market capitalization of $37.01 billion, a PE ratio of 74.49, a P/E/G ratio of 1.50 and a beta of 1.03. The stock has a 50-day moving average price of $47.98 and a 200-day moving average price of $47.83.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results 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%. As a group, research analysts forecast 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 was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were issued a $0.28 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.59%. Corning's payout ratio is 193.10%.

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.