Douglass Winthrop Advisors LLC Sells 309 Shares of Corning Incorporated (NYSE:GLW)

Douglass Winthrop Advisors LLC lowered its position in Corning Incorporated (NYSE:GLW) by 1.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 29,691 shares of the electronics maker’s stock after selling 309 shares during the period. Douglass Winthrop Advisors LLC’s holdings in Corning were worth $1,411,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in GLW. Sound Income Strategies LLC increased its stake in Corning by 76.7% in the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new position in shares of Corning in the fourth quarter valued at approximately $25,000. Asset Planning Inc purchased a new stake in shares of Corning during the fourth quarter valued at approximately $29,000. Mainstream Capital Management LLC bought a new stake in Corning during the fourth quarter worth $35,000. Finally, Rosenberg Matthew Hamilton boosted its position in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Eric S. Musser sold 30,000 shares of the business’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 transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $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. Insiders own 0.45% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on GLW shares. HSBC raised Corning from a “hold” rating to a “buy” rating and raised their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Bank of America raised their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Barclays decreased their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Finally, StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.31.

Corning Price Performance

Shares of NYSE GLW opened at $48.66 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The stock has a market cap of $41.68 billion, a PE ratio of 83.89, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The stock has a fifty day moving average of $49.88 and a 200-day moving average of $47.63.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating 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%. Equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.30%. The ex-dividend date is Friday, February 28th. Corning’s dividend 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.