CIBC Private Wealth Group LLC Reduces Holdings in Corning Incorporated (NYSE:GLW)

CIBC Private Wealth Group LLC lessened its position in shares of Corning Incorporated (NYSE:GLW) by 12.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 54,536 shares of the electronics maker’s stock after selling 7,449 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Corning were worth $2,603,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Northstar Advisory Group LLC lifted its stake in shares of Corning by 258.4% in the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after purchasing an additional 89,268 shares during the last quarter. Franklin Resources Inc. lifted its position in Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after buying an additional 62,514 shares during the last quarter. Fifth Third Bancorp boosted its stake in Corning by 16.8% during the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after buying an additional 16,001 shares during the period. First Financial Bank Trust Division increased its position in shares of Corning by 27.5% during the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after acquiring an additional 29,790 shares during the last quarter. Finally, New Century Financial Group LLC purchased a new stake in shares of Corning in the 4th quarter valued at approximately $1,110,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Up 2.3 %

Shares of NYSE GLW opened at $46.59 on Thursday. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a market capitalization of $39.92 billion, a price-to-earnings ratio of 80.33, 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. The business has a 50-day moving average of $49.49 and a two-hundred day moving average of $48.03.

Corning (NYSE:GLW) last announced its quarterly 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 forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a $0.28 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.40%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on GLW shares. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Citigroup lifted their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Bank of America increased their price target on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was 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 in the company, valued at $7,940,852.48. This represents 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.

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.