Northwest & Ethical Investments L.P. Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Northwest & Ethical Investments L.P. lessened its stake in Corning Incorporated (NYSE:GLW) by 77.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 10,271 shares of the electronics maker’s stock after selling 35,370 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Corning were worth $488,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Wellington Management Group LLP grew its stake in shares of Corning by 0.3% during the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after acquiring an additional 133,214 shares during the last quarter. State Street Corp grew its stake in shares of Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Corning by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker’s stock worth $234,653,000 after acquiring an additional 84,905 shares during the last quarter. Amundi grew its stake in shares of Corning by 139.0% during the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after acquiring an additional 2,268,436 shares during the last quarter. Finally, FMR LLC grew its stake in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.4 %

Shares of NYSE:GLW opened at $48.49 on Friday. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a market capitalization of $41.53 billion, a PE ratio of 83.60, a PEG ratio of 1.50 and a beta of 1.03. The business has a 50 day moving average of $49.91 and a two-hundred day moving average of $47.63. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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%. As a group, analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is 193.10%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research analyst reports. Bank of America boosted their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday. Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Barclays decreased their target price 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 raised Corning from a “hold” rating to a “buy” rating and lifted their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Insider Transactions at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the business’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 transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s 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. Corporate insiders own 0.45% of the company’s stock.

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.