Rockefeller Capital Management L.P. Trims Holdings in Corning Incorporated (NYSE:GLW)

Rockefeller Capital Management L.P. cut its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 39.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 397,651 shares of the electronics maker's stock after selling 255,285 shares during the quarter. Rockefeller Capital Management L.P.'s holdings in Corning were worth $18,889,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GLW. Vanguard Group Inc. raised its stake in shares of Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after purchasing an additional 916,528 shares during the last quarter. Geode Capital Management LLC raised its position in Corning by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock worth $875,633,000 after buying an additional 533,686 shares during the last quarter. Norges Bank bought a new position in Corning during the 4th quarter valued at about $490,933,000. Invesco Ltd. lifted its stake in Corning by 5.1% during the 4th quarter. Invesco Ltd. now owns 6,048,735 shares of the electronics maker's stock valued at $287,436,000 after acquiring an additional 293,713 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings 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 valued at $234,653,000 after acquiring an additional 84,905 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. dropped their price target on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday. Citigroup reduced their price objective on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday. Barclays dropped their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. Finally, HSBC upgraded shares of Corning from a "hold" rating to a "buy" rating and increased their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $53.31.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm's 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The stock was 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 of the company's stock, valued at $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. Corporate insiders own 0.40% of the company's stock.

Corning Price Performance

Shares of NYSE GLW traded up $0.22 during mid-day trading on Friday, reaching $41.50. The company's stock had a trading volume of 4,976,031 shares, compared to its average volume of 5,936,785. The stock has a fifty day moving average of $46.63 and a two-hundred day moving average of $47.67. The firm has a market capitalization of $35.55 billion, a PE ratio of 71.55, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) 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, sell-side analysts anticipate 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 was paid on Friday, March 28th. Investors of record on Friday, February 28th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date was Friday, February 28th. Corning's payout ratio is presently 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.