Mitsubishi UFJ Trust & Banking Corp Sells 17,526 Shares of Corning Incorporated (NYSE:GLW)

Mitsubishi UFJ Trust & Banking Corp reduced its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 4.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 375,811 shares of the electronics maker's stock after selling 17,526 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp's holdings in Corning were worth $17,859,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Oregon Public Employees Retirement Fund lifted its stake in Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock valued at $3,139,000 after acquiring an additional 204 shares during the period. Principal Securities Inc. raised its holdings in shares of Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock valued at $293,000 after purchasing an additional 211 shares during the last quarter. Bogart Wealth LLC lifted its position in Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock valued at $67,000 after purchasing an additional 219 shares during the period. Buffington Mohr McNeal boosted its holdings in Corning by 2.1% in the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker's stock worth $497,000 after purchasing an additional 220 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in Corning by 1.1% in the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock worth $930,000 after purchasing an additional 220 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

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Corning Price Performance

GLW stock traded down $0.26 during trading on Tuesday, reaching $45.53. The company's stock had a trading volume of 6,700,113 shares, compared to its average volume of 5,780,863. The company's fifty day moving average is $49.64 and its 200-day moving average is $48.00. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a market capitalization of $39.00 billion, a P/E ratio of 78.49, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. 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 (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%. On average, research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.46%. Corning's dividend payout ratio is 193.10%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Bank of America boosted their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Citigroup upped their price target on shares of Corning from $55.00 to $58.00 and gave the company a "buy" rating in a research report on Tuesday, January 21st. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and raised their price objective for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Morgan Stanley upped their target price on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently 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 stock in a transaction dated 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 transaction, the chief operating officer now owns 152,944 shares of the company's stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated 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 currently owned by corporate 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.