Comerica Bank Decreases Holdings in Corning Incorporated (NYSE:GLW)

Comerica Bank decreased its holdings in Corning Incorporated (NYSE:GLW) by 3.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 645,969 shares of the electronics maker’s stock after selling 23,613 shares during the period. Comerica Bank owned about 0.08% of Corning worth $30,696,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Sound Income Strategies LLC increased its position in Corning by 76.7% during 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 in the last quarter. Sierra Ocean LLC purchased a new position in shares of Corning in the 4th quarter valued at about $25,000. Asset Planning Inc acquired a new position in Corning during the fourth quarter worth $29,000. Mainstream Capital Management LLC purchased a new position in shares of Corning in the fourth quarter valued at approximately $35,000. Finally, Rosenberg Matthew Hamilton lifted its stake in shares of 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 buying an additional 500 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Down 0.2 %

Shares of NYSE GLW opened at $44.35 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $32.84 and a 12 month high of $55.33. The company has a market cap of $38.00 billion, a price-to-earnings ratio of 76.47, a P/E/G ratio of 1.50 and a beta of 1.03. The business has a fifty day simple moving average of $44.99 and a 200-day simple moving average of $47.56.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the previous year, the business earned $0.38 EPS. The company’s revenue was up 12.9% on a year-over-year basis. Sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend was Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Citigroup decreased their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Mizuho set a $52.00 target price on Corning in a research report on Tuesday, April 15th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Four equities research 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’s stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $53.08.

Insiders Place Their Bets

In other Corning 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 completion of the sale, the chief operating officer now owns 152,944 shares in the company, 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 can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

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.