Corning Incorporated (NYSE:GLW) Shares Sold by Northwest & Ethical Investments L.P.

Northwest & Ethical Investments L.P. cut its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 77.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,271 shares of the electronics maker's stock after selling 35,370 shares during the period. Northwest & Ethical Investments L.P.'s holdings in Corning were worth $488,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Sound Income Strategies LLC increased its holdings in shares of Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC bought a new stake in Corning during the fourth quarter valued at about $25,000. Asset Planning Inc purchased a new position in Corning in the fourth quarter valued at about $29,000. Mainstream Capital Management LLC purchased a new position in Corning in the fourth quarter valued at about $35,000. Finally, Rosenberg Matthew Hamilton raised its holdings in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the business's stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the 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 transaction, the chief operating officer now directly owns 152,944 shares in the company, 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. 0.40% of the stock is owned by corporate insiders.

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Corning Stock Performance

Shares of NYSE:GLW traded down $1.92 during trading on Wednesday, hitting $47.07. 5,600,613 shares of the stock traded hands, compared to its average volume of 5,500,085. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company has a fifty day moving average price of $50.01 and a two-hundred day moving average price of $47.83. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The company has a market cap of $40.32 billion, a price-to-earnings ratio of 81.15, a P/E/G ratio of 1.50 and a beta of 1.03.

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 for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, equities analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Friday, February 28th. Corning's payout ratio is currently 193.10%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Citigroup lifted their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st. Morgan Stanley lifted their target price 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. 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. Barclays reduced their price objective on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. Finally, StockNews.com lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Four 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 stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $54.31.

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.