Corient Private Wealth LLC Has $22.97 Million Position in Corning Incorporated (NYSE:GLW)

Corient Private Wealth LLC reduced its stake in Corning Incorporated (NYSE:GLW) by 1.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 483,365 shares of the electronics maker’s stock after selling 9,416 shares during the quarter. Corient Private Wealth LLC owned approximately 0.06% of Corning worth $22,970,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Amundi lifted its holdings in Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after purchasing an additional 2,268,436 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Corning in the 4th quarter worth approximately $92,522,000. Appaloosa LP acquired a new stake in Corning in the 4th quarter worth approximately $71,280,000. FMR LLC lifted its holdings in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Finally, State Street Corp lifted its holdings in Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the 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 through this link. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction 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 transaction, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the subject of several analyst reports. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Barclays cut their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and upped their price target for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, Citigroup upped their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Four 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 presently has an average rating of “Moderate Buy” and an average price target of $53.00.

Corning Stock Performance

Shares of NYSE GLW opened at $47.27 on Wednesday. The business has a fifty day simple moving average of $49.84 and a 200 day simple moving average of $47.57. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $40.49 billion, a price-to-earnings ratio of 81.49, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.37%. 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.