Corning Incorporated (NYSE:GLW) Shares Sold by Picton Mahoney Asset Management

Picton Mahoney Asset Management lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 79,653 shares of the electronics maker’s stock after selling 1,415 shares during the period. Picton Mahoney Asset Management’s holdings in Corning were worth $3,785,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Oregon Public Employees Retirement Fund grew 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 acquiring an additional 204 shares during the period. Principal Securities Inc. grew its holdings in Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock worth $293,000 after acquiring an additional 211 shares during the period. Bogart Wealth LLC grew its holdings in Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after acquiring an additional 219 shares during the period. Buffington Mohr McNeal grew its holdings in Corning by 2.1% during the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after acquiring an additional 220 shares during the period. Finally, Allworth Financial LP grew its holdings in Corning by 1.1% during the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after acquiring an additional 220 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Barclays lowered their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. HSBC raised Corning from a “hold” rating to a “buy” rating and upped their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, Citigroup upped their target price on Corning from $55.00 to $58.00 and gave the company 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 company. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average target price of $53.00.

Corning Stock Performance

NYSE GLW opened at $46.86 on Friday. The business’s 50-day moving average price is $49.88 and its 200 day moving average price is $47.47. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a market capitalization of $40.13 billion, a PE ratio of 80.79, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. 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 released 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%. On average, research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given 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 2.39%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Buying and Selling

In other news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm’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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

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.