Corning Incorporated (NYSE:GLW) Shares Sold by Flputnam Investment Management Co.

Flputnam Investment Management Co. decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 2.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 179,876 shares of the electronics maker’s stock after selling 4,922 shares during the period. Flputnam Investment Management Co.’s holdings in Corning were worth $8,548,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund raised its holdings in Corning by 0.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after purchasing an additional 204 shares in the last quarter. Principal Securities Inc. raised its stake in shares of Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock worth $293,000 after buying an additional 211 shares in the last quarter. Bogart Wealth LLC lifted its holdings in shares of Corning by 18.3% in the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after buying an additional 219 shares during the period. Buffington Mohr McNeal lifted its holdings in shares of Corning by 2.1% in the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after buying an additional 220 shares during the period. Finally, Allworth Financial LP boosted its stake in Corning by 1.1% during the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after buying an additional 220 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Up 2.5 %

Shares of NYSE GLW opened at $50.25 on Friday. 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 Incorporated has a one year low of $30.72 and a one year high of $55.33. The business has a 50-day moving average price of $50.18 and a two-hundred day moving average price of $47.10. The firm has a market capitalization of $43.04 billion, a PE ratio of 86.63, a PEG ratio of 1.50 and a beta of 1.03.

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

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Buying and Selling

In related news, COO Eric S. Musser sold 30,000 shares of the 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 transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

GLW has been the subject of a number of research analyst reports. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and upped their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Citigroup increased their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

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.