Associated Banc Corp Sells 810 Shares of Corning Incorporated (NYSE:GLW)

Associated Banc Corp cut its position in shares of Corning Incorporated (NYSE:GLW) by 9.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,725 shares of the electronics maker’s stock after selling 810 shares during the period. Associated Banc Corp’s holdings in Corning were worth $367,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of GLW. Sigma Planning Corp increased its stake in shares of Corning by 6.0% during the 3rd quarter. Sigma Planning Corp now owns 10,552 shares of the electronics maker’s stock worth $476,000 after purchasing an additional 594 shares during the last quarter. Venturi Wealth Management LLC increased its stake in shares of Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after purchasing an additional 473 shares during the last quarter. GSA Capital Partners LLP increased its stake in shares of Corning by 2.6% during the 3rd quarter. GSA Capital Partners LLP now owns 10,665 shares of the electronics maker’s stock worth $482,000 after purchasing an additional 274 shares during the last quarter. Aptus Capital Advisors LLC increased its stake in shares of Corning by 16.9% during the 3rd quarter. Aptus Capital Advisors LLC now owns 7,696 shares of the electronics maker’s stock worth $347,000 after purchasing an additional 1,115 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of Corning by 19.6% during the 3rd quarter. KBC Group NV now owns 124,820 shares of the electronics maker’s stock worth $5,635,000 after purchasing an additional 20,474 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Barclays decreased their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Finally, Morgan Stanley upped their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Corning Stock Performance

Shares of NYSE:GLW opened at $46.86 on Friday. The company’s 50 day moving average price is $49.88 and its two-hundred day moving average price is $47.47. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm has a market cap of $40.13 billion, a PE ratio of 80.79, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping 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%. Equities research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $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 currently owned by insiders.

About Corning

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.