Carret Asset Management LLC Sells 1,380 Shares of Corning Incorporated (NYSE:GLW)

Carret Asset Management LLC reduced its stake in Corning Incorporated (NYSE:GLW) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 106,536 shares of the electronics maker’s stock after selling 1,380 shares during the quarter. Carret Asset Management LLC’s holdings in Corning were worth $3,244,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Natixis Advisors L.P. increased its holdings in shares of Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after purchasing an additional 5,616 shares during the period. KMG Fiduciary Partners LLC acquired a new position in Corning during the fourth quarter valued at approximately $1,199,000. HB Wealth Management LLC raised its position in Corning by 24.2% during the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after purchasing an additional 1,926 shares in the last quarter. SG Americas Securities LLC raised its position in Corning by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after purchasing an additional 40,564 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Corning by 6.6% during the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after purchasing an additional 490,638 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on GLW shares. UBS Group boosted their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Barclays boosted their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 target price on shares of Corning in a research note on Monday. JPMorgan Chase & Co. upped their price target on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Finally, Susquehanna reiterated a “positive” rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Corning has a consensus rating of “Hold” and a consensus target price of $34.78.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.45% of the company’s stock.

Corning Stock Down 0.0 %

GLW stock traded down $0.01 during trading on Wednesday, reaching $31.52. The stock had a trading volume of 3,203,471 shares, compared to its average volume of 4,699,621. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company’s 50 day moving average is $32.31 and its two-hundred day moving average is $30.42. The company has a market capitalization of $26.96 billion, a price-to-earnings ratio of 47.06, a P/E/G ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the prior year, the firm posted $0.47 EPS. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. Equities research analysts forecast that Corning Incorporated will post 1.87 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

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.