Princeton Capital Management LLC Sells 5,601 Shares of Corning Incorporated (NYSE:GLW)

Princeton Capital Management LLC lowered its position in shares of Corning Incorporated (NYSE:GLW) by 14.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,165 shares of the electronics maker’s stock after selling 5,601 shares during the quarter. Princeton Capital Management LLC’s holdings in Corning were worth $1,528,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Corning by 0.9% during the 4th 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 in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after buying an additional 133,214 shares in the last quarter. State Street Corp grew its position in shares of 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 buying an additional 1,242,718 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Corning by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker’s stock valued at $234,653,000 after acquiring an additional 84,905 shares in the last quarter. Finally, Amundi lifted its position in shares of Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock valued at $186,186,000 after acquiring an additional 2,268,436 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction dated 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning Price Performance

GLW opened at $49.88 on Tuesday. The firm’s fifty day moving average price is $49.98 and its two-hundred day moving average price is $47.78. The company has a market capitalization of $42.72 billion, a price-to-earnings ratio of 85.99, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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, analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.25%. Corning’s dividend payout ratio (DPR) is currently 193.10%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on GLW shares. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Citigroup raised their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Bank of America increased their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Barclays lowered their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.31.

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.