Swiss National Bank Sells 119,000 Shares of Corning Incorporated (NYSE:GLW)

Swiss National Bank trimmed its position in Corning Incorporated (NYSE:GLW) by 4.9% during the 4th quarter, HoldingsChannel reports. The firm owned 2,296,500 shares of the electronics maker’s stock after selling 119,000 shares during the quarter. Swiss National Bank’s holdings in Corning were worth $109,130,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Sound Income Strategies LLC increased its holdings in shares of Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new stake in shares of Corning in the fourth quarter worth about $25,000. Asset Planning Inc bought a new stake in shares of Corning in the fourth quarter worth about $29,000. Mainstream Capital Management LLC bought a new stake in shares of Corning in the fourth quarter worth about $35,000. Finally, Rosenberg Matthew Hamilton increased its holdings in shares of Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on GLW shares. Citigroup lifted their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. HSBC upgraded Corning from a “hold” rating to a “buy” rating and lifted their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Morgan Stanley lifted their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.00.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Stock Up 2.8 %

Shares of NYSE:GLW opened at $46.86 on Friday. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The business has a 50 day simple moving average of $49.88 and a two-hundred day simple moving average of $47.43. The firm has a market capitalization of $40.13 billion, a PE ratio of 80.79, a price-to-earnings-growth 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 (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, equities analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company 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 $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.39%. Corning’s payout ratio is 193.10%.

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.