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

Hartford Investment Management Co. lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 1.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,747 shares of the electronics maker’s stock after selling 925 shares during the quarter. Hartford Investment Management Co.’s holdings in Corning were worth $2,269,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in GLW. Sound Income Strategies LLC boosted its position in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the period. Rosenberg Matthew Hamilton boosted its position in shares of Corning by 202.4% during 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 during the period. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning in the third quarter valued at $39,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Corning in the 3rd quarter valued at $40,000. Finally, Union Bancaire Privee UBP SA acquired a new position in Corning during the 4th quarter worth about $40,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Down 0.0 %

GLW opened at $52.00 on Friday. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock has a market capitalization of $44.52 billion, a P/E ratio of 89.65, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The business’s 50-day simple moving average is $49.41 and its 200-day simple moving average is $46.15.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Analysts anticipate that Corning Incorporated will post 2.33 EPS for the current 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 given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.15%. Corning’s payout ratio is 193.11%.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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. Over the last ninety days, insiders sold 46,085 shares of company stock valued at $2,345,436. 0.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

GLW has been the subject of several research reports. Citigroup lifted their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and upped their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Morgan Stanley raised their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.