WASHINGTON TRUST Co Has $9.20 Million Stake in Corning Incorporated (NYSE:GLW)

WASHINGTON TRUST Co decreased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 2.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 193,646 shares of the electronics maker's stock after selling 5,539 shares during the quarter. WASHINGTON TRUST Co's holdings in Corning were worth $9,202,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Swedbank AB grew its holdings in shares of Corning by 60.2% in the 3rd quarter. Swedbank AB now owns 38,314 shares of the electronics maker's stock worth $1,730,000 after acquiring an additional 14,403 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new position in shares of Corning in the 3rd quarter valued at $214,000. Good Life Advisors LLC increased its stake in Corning by 19.0% in the 3rd quarter. Good Life Advisors LLC now owns 11,314 shares of the electronics maker's stock worth $511,000 after purchasing an additional 1,804 shares in the last quarter. Bleakley Financial Group LLC raised its holdings in Corning by 10.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 12,316 shares of the electronics maker's stock worth $556,000 after buying an additional 1,130 shares during the period. Finally, Vista Investment Partners LLC purchased a new stake in Corning during the third quarter valued at about $474,000. Institutional investors own 69.80% of the company's stock.

Insider Buying and Selling

In related news, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief operating officer now directly owns 152,944 shares of the company's stock, valued at approximately $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 accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the company'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. Over the last three months, insiders sold 46,085 shares of company stock worth $2,345,436. Corporate insiders own 0.45% of the company's stock.

Wall Street Analyst Weigh In

GLW has been the subject of several recent analyst reports. UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Citigroup raised their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. StockNews.com raised shares of Corning from a "hold" rating to a "buy" rating in a research note on Tuesday, December 24th. HSBC raised Corning from a "hold" rating to a "buy" rating and raised their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Oppenheimer reiterated an "outperform" rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $53.00.

Corning Stock Down 0.6 %

GLW stock traded down $0.32 during mid-day trading on Wednesday, hitting $52.57. The stock had a trading volume of 3,422,278 shares, compared to its average volume of 5,614,243. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The company has a fifty day moving average of $49.69 and a 200 day moving average of $46.48. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $45.03 billion, a price-to-earnings ratio of 90.64, a PEG ratio of 1.52 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 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, equities analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Friday, February 28th. Corning's payout ratio is presently 193.11%.

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.