Coastline Trust Co Sells 5,760 Shares of Corning Incorporated (NYSE:GLW)

Coastline Trust Co decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 46.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 6,510 shares of the electronics maker’s stock after selling 5,760 shares during the period. Coastline Trust Co’s holdings in Corning were worth $309,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Northstar Advisory Group LLC boosted its stake in Corning by 258.4% in the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after acquiring an additional 89,268 shares during the last quarter. Franklin Resources Inc. grew its holdings in Corning by 48.4% during the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after purchasing an additional 62,514 shares during the period. Fifth Third Bancorp increased its position in Corning by 16.8% in the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after buying an additional 16,001 shares during the last quarter. First Financial Bank Trust Division raised its stake in shares of Corning by 27.5% in the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after buying an additional 29,790 shares during the period. Finally, New Century Financial Group LLC bought a new stake in shares of Corning in the fourth quarter valued at $1,110,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Up 0.5 %

Shares of GLW opened at $41.50 on Friday. Corning Incorporated has a fifty-two week low of $31.20 and a fifty-two week high of $55.33. The firm has a market cap of $35.55 billion, a price-to-earnings ratio of 71.55, a PEG ratio of 1.50 and a beta of 1.03. The firm has a 50 day moving average price of $46.42 and a 200-day moving average price of $47.67. 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) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate 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, equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Transactions at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was 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 of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research reports. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Citigroup reduced their price objective on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, April 14th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, HSBC upgraded Corning from a “hold” rating to a “buy” rating and raised their target price for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.31.

Corning Company 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.