Carret Asset Management LLC Sells 14,987 Shares of Corning Incorporated (NYSE:GLW)

Carret Asset Management LLC reduced its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 17.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 71,111 shares of the electronics maker's stock after selling 14,987 shares during the period. Carret Asset Management LLC's holdings in Corning were worth $3,255,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in GLW. Oregon Public Employees Retirement Fund lifted its position 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 valued at $3,139,000 after purchasing an additional 204 shares during the last quarter. Principal Securities Inc. lifted its position in Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock valued at $293,000 after purchasing an additional 211 shares during the last quarter. University of Texas Texas AM Investment Management Co. lifted its position in Corning by 9.7% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after purchasing an additional 214 shares during the last quarter. Deseret Mutual Benefit Administrators lifted its position in Corning by 3.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 6,226 shares of the electronics maker's stock valued at $296,000 after purchasing an additional 221 shares during the last quarter. Finally, Seeds Investor LLC lifted its position in Corning by 3.0% during the fourth quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock valued at $366,000 after purchasing an additional 221 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Oppenheimer lowered their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Mizuho set a $52.00 price objective on shares of Corning in a report on Tuesday, April 15th. Citigroup lowered their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Bank of America boosted their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and an average target price of $53.75.

Corning Stock Down 0.1%

Shares of NYSE GLW opened at $50.42 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $55.33. The firm's fifty day moving average is $47.08 and its 200 day moving average is $47.84. The company has a market cap of $43.18 billion, a price-to-earnings ratio of 96.96, a PEG ratio of 1.36 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the previous year, the firm earned $0.38 earnings per share. The firm's revenue for the quarter was up 12.9% on a year-over-year basis. On average, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current 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 given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Friday, May 30th. Corning's payout ratio is currently 215.38%.

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the transaction, the senior vice president now directly owns 16,117 shares in the company, valued at approximately $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by company insiders.

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.

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