Wellington Shields & Co. LLC Has $958,000 Position in Corning Incorporated (NYSE:GLW)

Wellington Shields & Co. LLC cut its stake in shares of Corning Incorporated (NYSE:GLW) by 3.5% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,600 shares of the electronics maker’s stock after selling 964 shares during the period. Wellington Shields & Co. LLC’s holdings in Corning were worth $958,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in GLW. NEXT Financial Group Inc acquired a new stake in shares of Corning during the 3rd quarter valued at $223,000. Clear Harbor Asset Management LLC purchased a new stake in shares of Corning during the third quarter worth $78,000. Ellevest Inc. boosted its position in Corning by 23.8% during the third quarter. Ellevest Inc. now owns 3,943 shares of the electronics maker’s stock valued at $128,000 after purchasing an additional 759 shares during the last quarter. Bradley Foster & Sargent Inc. CT purchased a new position in Corning in the third quarter valued at about $464,000. Finally, State of Michigan Retirement System increased its position in Corning by 12.7% in the 3rd quarter. State of Michigan Retirement System now owns 218,565 shares of the electronics maker’s stock worth $7,084,000 after purchasing an additional 24,700 shares during the last quarter. Hedge funds and other institutional investors own 74.33% of the company’s stock.

In other Corning news, COO Eric S. Musser sold 33,337 shares of the business’s stock in a transaction on Tuesday, December 1st. The stock was sold at an average price of $37.69, for a total value of $1,256,471.53. Following the transaction, the chief operating officer now owns 105,538 shares of the company’s stock, valued at $3,977,727.22. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Wendell P. Weeks sold 146,629 shares of the firm’s stock in a transaction on Friday, February 19th. The shares were sold at an average price of $37.74, for a total value of $5,533,778.46. Insiders sold a total of 188,116 shares of company stock worth $7,101,254 in the last 90 days. 0.47% of the stock is owned by corporate insiders.

A number of equities analysts recently commented on the company. UBS Group initiated coverage on Corning in a report on Wednesday, January 6th. They issued a “buy” rating and a $43.00 price objective on the stock. Oppenheimer upgraded shares of Corning from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Thursday, January 28th. Zacks Investment Research lowered shares of Corning from a “buy” rating to a “hold” rating and set a $38.00 price objective for the company. in a research note on Thursday, January 28th. Barclays upgraded Corning from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $31.00 to $44.00 in a report on Thursday, January 14th. Finally, Morgan Stanley upped their price target on Corning from $32.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 15th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $37.80.

NYSE GLW traded down $0.20 on Tuesday, reaching $37.75. The company’s stock had a trading volume of 67,586 shares, compared to its average volume of 4,515,441. Corning Incorporated has a 52 week low of $17.44 and a 52 week high of $39.16. The company has a current ratio of 2.09, a quick ratio of 1.42 and a debt-to-equity ratio of 0.74. The firm has a market cap of $29.01 billion, a PE ratio of 189.75, a price-to-earnings-growth ratio of 9.93 and a beta of 1.16. The business has a 50-day moving average price of $37.17 and a 200 day moving average price of $35.03.

Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, January 27th. The electronics maker reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.04. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.18 billion. Corning had a return on equity of 11.50% and a net margin of 2.71%. The company’s revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 EPS. Analysts anticipate that Corning Incorporated will post 1.36 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 30th. Shareholders of record on Friday, February 26th will be issued a dividend of $0.24 per share. The ex-dividend date is Thursday, February 25th. This is a boost from Corning’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. Corning’s dividend payout ratio (DPR) is presently 50.00%.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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