Corning Incorporated (NYSE:GLW) Shares Sold by Flputnam Investment Management Co.

Flputnam Investment Management Co. cut its stake in shares of Corning Incorporated (NYSE:GLW) by 4.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 153,158 shares of the electronics maker’s stock after selling 7,337 shares during the period. Flputnam Investment Management Co.’s holdings in Corning were worth $4,664,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in GLW. Cibc World Market Inc. grew its stake in shares of Corning by 22.1% during the 1st quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock worth $2,420,000 after purchasing an additional 11,884 shares during the period. Prudential PLC acquired a new position in shares of Corning during the 1st quarter worth $588,000. Sequoia Financial Advisors LLC grew its stake in shares of Corning by 15.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock worth $293,000 after purchasing an additional 1,062 shares during the period. Vanguard Group Inc. grew its stake in Corning by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after acquiring an additional 671,480 shares during the last quarter. Finally, Baird Financial Group Inc. grew its stake in Corning by 24.4% in the 1st quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock valued at $26,388,000 after acquiring an additional 140,098 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Up 0.4 %

NYSE:GLW traded up $0.13 during mid-day trading on Tuesday, hitting $31.42. The company had a trading volume of 344,783 shares, compared to its average volume of 4,676,352. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The business’s fifty day moving average is $32.38 and its two-hundred day moving average is $30.37. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The firm has a market cap of $26.88 billion, a P/E ratio of 46.69, a P/E/G ratio of 1.79 and a beta of 1.08.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the prior year, the firm posted $0.47 earnings per share. The company’s quarterly revenue was down 12.1% on a year-over-year basis. As a group, research analysts expect that Corning Incorporated will post 1.86 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.56%. Corning’s payout ratio is presently 167.16%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on GLW shares. UBS Group increased their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research note on Thursday, February 1st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. JPMorgan Chase & Co. raised their price objective on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Finally, Barclays raised their price objective on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning currently has an average rating of “Hold” and an average price target of $34.56.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.45% of the stock is owned by corporate insiders.

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.