Carret Asset Management LLC Sells 1,380 Shares of Corning Incorporated (NYSE:GLW)

Carret Asset Management LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 106,536 shares of the electronics maker’s stock after selling 1,380 shares during the period. Carret Asset Management LLC’s holdings in Corning were worth $3,244,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Wellington Management Group LLP raised its stake in Corning by 7.7% during the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after purchasing an additional 2,055,388 shares in the last quarter. Morgan Stanley raised its stake in Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after purchasing an additional 1,060,450 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after purchasing an additional 2,301,745 shares in the last quarter. Northern Trust Corp raised its stake in shares of Corning by 2.0% in the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock valued at $366,856,000 after acquiring an additional 232,699 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Corning by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after acquiring an additional 490,638 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Morgan Stanley reissued an “overweight” rating and issued a $35.00 target price on shares of Corning in a research note on Monday. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. UBS Group increased their target price on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, Barclays raised their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Corning currently has a consensus rating of “Hold” and a consensus price target of $34.78.

Corning Stock Down 0.0 %

Corning stock traded down $0.01 during midday trading on Wednesday, hitting $31.52. 3,203,471 shares of the company’s stock were exchanged, compared to its average volume of 4,699,621. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The firm has a 50-day moving average of $32.31 and a two-hundred day moving average of $30.42. The company has a market cap of $26.96 billion, a PE ratio of 47.06, a P/E/G ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the prior year, the business earned $0.47 EPS. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. As a group, analysts expect that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

Insider Activity

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.45% of the company’s stock.

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.