Corning Incorporated (NYSE:GLW) Shares Sold by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD lowered its position in shares of Corning Incorporated (NYSE:GLW) by 14.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,335,433 shares of the electronics maker’s stock after selling 4,616,994 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 3.19% of Corning worth $1,298,981,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GLW. Sound Income Strategies LLC grew its position in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC purchased a new stake in Corning in the 4th quarter valued at about $25,000. Asset Planning Inc purchased a new stake in Corning in the 4th quarter valued at about $29,000. Rosenberg Matthew Hamilton lifted its holdings in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares during the period. Finally, Mainstream Capital Management LLC purchased a new position in shares of Corning during the 4th quarter worth about $35,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GLW has been the subject of several research analyst reports. Barclays dropped 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 report on Wednesday, January 29th. Citigroup reduced their price objective on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. reduced their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Finally, HSBC raised 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 report 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.com, the company has an average rating of “Moderate Buy” and an average target price of $53.31.

Insider Transactions at Corning

In related news, 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 completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the 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. Insiders own 0.40% of the company’s stock.

Corning Stock Up 3.0 %

Shares of NYSE GLW opened at $43.02 on Thursday. The firm has a market cap of $36.86 billion, a price-to-earnings ratio of 74.17, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 1 year low of $31.20 and a 1 year high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock’s 50-day simple moving average is $45.80 and its 200-day simple moving average is $47.61.

Corning (NYSE:GLW) last announced its earnings results 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 return on equity of 15.10% and a net margin of 3.86%. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

Corning Company 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.