Corning Incorporated (NYSE:GLW) Shares Sold by Comerica Bank

Comerica Bank lessened its stake in Corning Incorporated (NYSE:GLW - Free Report) by 3.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 645,969 shares of the electronics maker's stock after selling 23,613 shares during the period. Comerica Bank owned about 0.08% of Corning worth $30,696,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Oregon Public Employees Retirement Fund boosted 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 buying an additional 204 shares in the last quarter. Principal Securities Inc. lifted its position in shares of Corning by 3.5% during the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock valued at $293,000 after acquiring an additional 211 shares during the period. Bogart Wealth LLC boosted its stake in shares of Corning by 18.3% during the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock worth $67,000 after acquiring an additional 219 shares in the last quarter. Buffington Mohr McNeal grew its holdings in shares of Corning by 2.1% in the 4th 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 increased its stake in Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock valued at $930,000 after purchasing an additional 220 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Trading Up 2.2 %

Corning stock traded up $0.98 during trading on Friday, reaching $45.76. The company had a trading volume of 4,428,237 shares, compared to its average volume of 5,970,618. The firm has a market capitalization of $39.21 billion, a price-to-earnings ratio of 78.90, a PEG ratio of 1.50 and a beta of 1.09. The stock's 50 day moving average price is $44.79 and its two-hundred day moving average price is $47.54. Corning Incorporated has a 12-month low of $32.92 and a 12-month 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.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same period last year, the business posted $0.38 EPS. The company's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio is presently 215.38%.

Analyst Ratings Changes

A number of analysts have commented on GLW shares. Citigroup decreased their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Mizuho set a $52.00 price objective on shares of Corning in a research report on Tuesday, April 15th. Bank of America upped their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. cut their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Finally, StockNews.com cut Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Four investment 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 stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $53.08.

Insider Transactions at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.40% of the company's stock.

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.