NBT Bank N A NY Sells 11,237 Shares of Corning Incorporated (NYSE:GLW)

NBT Bank N A NY reduced its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 58.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,856 shares of the electronics maker's stock after selling 11,237 shares during the quarter. NBT Bank N A NY's holdings in Corning were worth $373,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Wellington Management Group LLP boosted its stake in shares of Corning by 0.3% during the 3rd 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 during the period. State Street Corp boosted its stake in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Corning by 1.7% during 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 acquiring an additional 84,905 shares during the period. Amundi boosted its stake in Corning by 139.0% in 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 period. Finally, FMR LLC boosted its stake in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the company's 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 completion of the transaction, the chief operating officer now directly 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 position. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Corning Price Performance

Corning stock opened at $44.91 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The stock has a market capitalization of $38.47 billion, a P/E ratio of 77.44, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The stock has a fifty day moving average of $49.96 and a 200-day moving average of $47.42.

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Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping 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, sell-side analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued 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 dividend yield of 2.49%. Corning's dividend payout ratio (DPR) is currently 193.10%.

Analyst Ratings Changes

GLW has been the subject of several recent research reports. StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and boosted their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Citigroup boosted their price target on Corning from $55.00 to $58.00 and gave the company a "buy" rating in a research note on Tuesday, January 21st. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Finally, Morgan Stanley boosted their price target on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Four 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 stock. Based on data from MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.00.

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.

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