Corning Incorporated (NYSE:GLW) Stake Lowered by Bank Julius Baer & Co. Ltd Zurich

Bank Julius Baer & Co. Ltd Zurich trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 22.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,041 shares of the electronics maker’s stock after selling 1,702 shares during the period. Bank Julius Baer & Co. Ltd Zurich’s holdings in Corning were worth $317,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Sound Income Strategies LLC raised its stake in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC bought a new position in Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc acquired a new stake in Corning in the fourth quarter valued at approximately $29,000. Rosenberg Matthew Hamilton grew its position in 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 acquiring an additional 500 shares in the last quarter. Finally, Mainstream Capital Management LLC acquired a new position in shares of Corning during the 4th quarter worth $35,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $45.00 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock has a market cap of $38.55 billion, a P/E ratio of 77.59, a PEG ratio of 1.50 and a beta of 1.03. The company has a fifty day moving average price of $50.01 and a 200 day moving average price of $47.40. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is presently 193.10%.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent research reports. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. HSBC raised Corning from a “hold” rating to a “buy” rating and boosted their price target for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Barclays lowered their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, Citigroup increased their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Insider Activity

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