Corning Incorporated (NYSE:GLW) Shares Sold by Banque Pictet & Cie SA

Banque Pictet & Cie SA trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 6.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,000 shares of the electronics maker’s stock after selling 5,000 shares during the quarter. Banque Pictet & Cie SA’s holdings in Corning were worth $3,564,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in GLW. Sound Income Strategies LLC boosted its stake in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Rosenberg Matthew Hamilton boosted its stake in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC bought a new position in Corning during the 3rd quarter valued at $39,000. RPg Family Wealth Advisory LLC bought a new position in Corning during the 3rd quarter valued at $40,000. Finally, Union Bancaire Privee UBP SA bought a new position in Corning during the 4th quarter valued at $40,000. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on GLW. Citigroup increased their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. JPMorgan Chase & Co. raised their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and raised their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.00.

Corning Stock Up 0.9 %

Corning stock opened at $52.58 on Friday. The stock has a market cap of $45.02 billion, a price-to-earnings ratio of 90.66, a PEG ratio of 1.55 and a beta of 1.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company’s 50-day moving average price is $49.46 and its two-hundred day moving average price is $46.19. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33.

Corning (NYSE:GLW) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating 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%. On average, analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.13%. Corning’s payout ratio is 193.11%.

Insider Buying and Selling at Corning

In other news, COO Eric S. Musser sold 30,000 shares of Corning 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 transaction, 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,085 shares of company stock valued at $2,345,436. Company insiders own 0.40% of the company’s stock.

Corning 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.