Corning Incorporated (NYSE:GLW) Shares Sold by Sanibel Captiva Trust Company Inc.

Sanibel Captiva Trust Company Inc. trimmed its position in Corning Incorporated (NYSE:GLW - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 310,844 shares of the electronics maker's stock after selling 9,624 shares during the quarter. Sanibel Captiva Trust Company Inc.'s holdings in Corning were worth $14,230,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock valued at $4,747,402,000 after purchasing an additional 916,528 shares during the last quarter. Geode Capital Management LLC grew its position in Corning by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock worth $875,633,000 after purchasing an additional 533,686 shares during the last quarter. Northern Trust Corp lifted its position in shares of Corning by 2.0% in the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after acquiring an additional 208,826 shares during the period. Norges Bank acquired a new position in shares of Corning in the fourth quarter valued at $490,933,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock valued at $465,723,000 after acquiring an additional 78,497 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the sale, the senior vice president now owns 16,117 shares of the company's stock, valued at $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price target on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Oppenheimer cut their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock 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. Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Finally, Citigroup cut their price target on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and an average price target of $53.08.

Corning Trading Down 2.5%

GLW traded down $1.28 during trading on Friday, hitting $49.54. 3,573,448 shares of the stock traded hands, compared to its average volume of 5,916,550. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The firm has a market capitalization of $42.43 billion, a P/E ratio of 85.42, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. The firm has a 50-day moving average of $46.19 and a 200 day moving average of $47.77. Corning Incorporated has a 12-month low of $37.05 and a 12-month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business's revenue was up 12.9% on a year-over-year basis. During the same period last year, the business earned $0.38 earnings per share. Equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.26%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio is 215.38%.

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.