Coastline Trust Co Trims Stake in Corning Incorporated (NYSE:GLW)

Coastline Trust Co reduced its holdings in shares of Corning Incorporated (NYSE:GLWFree Report) by 4.6% during the 4th quarter, HoldingsChannel reports. The firm owned 14,310 shares of the electronics maker’s stock after selling 690 shares during the period. Coastline Trust Co’s holdings in Corning were worth $436,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in GLW. Vanguard Group Inc. increased its position in Corning by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after purchasing an additional 671,480 shares during the period. State Street Corp grew its position in shares of Corning by 2.2% in the first quarter. State Street Corp now owns 31,601,045 shares of the electronics maker’s stock valued at $1,114,880,000 after purchasing an additional 686,278 shares during the period. Wellington Management Group LLP increased its stake in shares of Corning by 7.7% during the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after acquiring an additional 2,055,388 shares during the last quarter. Morgan Stanley raised its position in shares of Corning by 5.1% in the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after buying an additional 1,060,450 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after purchasing an additional 2,301,745 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.5 %

Shares of GLW opened at $32.51 on Wednesday. The business’s 50-day moving average price is $32.26 and its 200 day moving average price is $30.29. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $27.81 billion, a P/E ratio of 48.52, a P/E/G ratio of 1.86 and a beta of 1.08. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01.

Corning (NYSE:GLWGet Free Report) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same period last year, the firm posted $0.47 earnings per share. Analysts expect that Corning Incorporated will post 1.86 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.45%. Corning’s dividend payout ratio is 167.16%.

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.45% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GLW. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. Susquehanna reissued a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday. UBS Group upped their price target on Corning from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, January 11th. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday. Finally, Barclays upped their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $33.67.

Check Out Our Latest Stock Report on Corning

About Corning

(Free Report)

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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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