Corning Incorporated (NYSE:GLW) Shares Sold by Oppenheimer & Close LLC

Oppenheimer & Close LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 10.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,916 shares of the electronics maker's stock after selling 10,358 shares during the period. Corning comprises approximately 3.6% of Oppenheimer & Close LLC's holdings, making the stock its 8th largest holding. Oppenheimer & Close LLC's holdings in Corning were worth $4,320,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GLW. Northstar Advisory Group LLC lifted its holdings in Corning by 258.4% during the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock worth $5,883,000 after buying an additional 89,268 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Corning by 48.4% during the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock worth $8,975,000 after acquiring an additional 62,514 shares during the last quarter. FMR LLC lifted its stake in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after acquiring an additional 1,285,836 shares during the period. Fifth Third Bancorp boosted its holdings in Corning by 16.8% in the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock valued at $5,296,000 after acquiring an additional 16,001 shares during the last quarter. Finally, First Financial Bank Trust Division increased its position in Corning by 27.5% in the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker's stock worth $6,565,000 after purchasing an additional 29,790 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 30th. Citigroup lifted their target price on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. 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 research report on Tuesday, December 17th. StockNews.com cut Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $54.31.

Insider Transactions at Corning

In other news, 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 in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the business's stock in a transaction that occurred 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.

Corning Stock Down 1.8 %

NYSE GLW traded down $0.92 during trading hours on Tuesday, reaching $48.97. 4,027,451 shares of the company's stock were exchanged, compared to its average volume of 5,495,028. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a market capitalization of $41.95 billion, a price-to-earnings ratio of 84.43, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company's 50-day moving average is $49.98 and its two-hundred day moving average is $47.78. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company 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 $0.28 dividend. 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 2.29%. Corning's dividend payout ratio (DPR) is 193.10%.

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.