Comerica Securities Inc. cut its position in Corning Incorporated (NYSE:GLW) by 4.5% in the fourth quarter, HoldingsChannel reports. The firm owned 136,810 shares of the electronics maker’s stock after selling 6,458 shares during the period. Comerica Securities Inc.’s holdings in Corning were worth $4,133,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in GLW. Essex Savings Bank purchased a new stake in shares of Corning during the fourth quarter worth about $34,000. Csenge Advisory Group purchased a new stake in shares of Corning during the third quarter worth about $38,000. Cowen Prime Services LLC grew its stake in shares of Corning by 43.5% during the fourth quarter. Cowen Prime Services LLC now owns 1,650 shares of the electronics maker’s stock worth $50,000 after acquiring an additional 500 shares during the last quarter. Financial Gravity Companies Inc. purchased a new stake in Corning in the fourth quarter valued at approximately $74,000. Finally, Capital Investment Advisory Services LLC purchased a new stake in Corning in the fourth quarter valued at approximately $86,000. Institutional investors and hedge funds own 71.51% of the company’s stock.
Shares of NYSE GLW opened at $33.39 on Monday. The company has a market capitalization of $26.73 billion, a P/E ratio of 18.76, a PEG ratio of 1.90 and a beta of 1.21. Corning Incorporated has a 52 week low of $26.11 and a 52 week high of $36.56. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.51 and a current ratio of 2.12.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Thursday, February 28th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Wednesday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.18. Corning’s dividend payout ratio is currently 40.45%.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 19th. The stock was sold at an average price of $30.68, for a total value of $613,600.00. Following the sale, the insider now owns 150,716 shares in the company, valued at approximately $4,623,966.88. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider David L. Morse sold 35,701 shares of the company’s stock in a transaction that occurred on Wednesday, January 30th. The stock was sold at an average price of $33.71, for a total value of $1,203,480.71. Following the completion of the sale, the insider now owns 47,961 shares in the company, valued at approximately $1,616,765.31. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,009 shares of company stock worth $3,330,247. Insiders own 0.46% of the company’s stock.
GLW has been the topic of a number of recent research reports. Guggenheim reiterated a “buy” rating and issued a $41.00 target price on shares of Corning in a research report on Tuesday, October 23rd. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Monday, October 22nd. Citigroup dropped their target price on Corning from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, October 24th. Finally, ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, January 29th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $35.50.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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