Douglass Winthrop Advisors LLC Sells 309 Shares of Corning Incorporated (NYSE:GLW)

Douglass Winthrop Advisors LLC trimmed its position in Corning Incorporated (NYSE:GLW) by 1.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 29,691 shares of the electronics maker’s stock after selling 309 shares during the period. Douglass Winthrop Advisors LLC’s holdings in Corning were worth $1,411,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Amundi raised its position in Corning by 139.0% in the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock valued at $186,186,000 after purchasing an additional 2,268,436 shares during the last quarter. Raymond James Financial Inc. bought a new position in Corning in the 4th quarter valued at approximately $92,522,000. Appaloosa LP bought a new position in Corning in the 4th quarter valued at approximately $71,280,000. FMR LLC boosted its position in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares during the period. Finally, State Street Corp grew its holdings in Corning by 3.8% during the 3rd 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. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Citigroup upped their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their target price for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Four research 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $54.31.

Insider Activity

In other Corning news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on Friday, January 31st. The shares were 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 owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s 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 disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

Corning Stock Down 0.2 %

Corning stock opened at $48.66 on Friday. The company has a market capitalization of $41.68 billion, a PE ratio of 83.89, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The firm’s fifty day moving average is $49.88 and its 200 day moving average is $47.63. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating 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, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company 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 $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.30%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

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.