Zions Bancorporation N.A. Trims Stock Position in Corning Incorporated (NYSE:GLW)

Zions Bancorporation N.A. cut its stake in Corning Incorporated (NYSE:GLW) by 8.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,654 shares of the electronics maker’s stock after selling 439 shares during the quarter. Zions Bancorporation N.A.’s holdings in Corning were worth $221,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of GLW. Sound Income Strategies LLC boosted its position 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 in the last quarter. Sierra Ocean LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc purchased a new stake in Corning in the fourth quarter worth $29,000. Mainstream Capital Management LLC bought a new position in Corning in the fourth quarter worth $35,000. Finally, Rosenberg Matthew Hamilton lifted its position in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after buying an additional 500 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred 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 owned by corporate insiders.

Corning Price Performance

GLW opened at $47.07 on Thursday. The company’s 50-day simple moving average is $49.97 and its two-hundred day simple moving average is $47.88. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock has a market capitalization of $40.32 billion, a P/E ratio of 81.15, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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%. As a group, analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several research reports. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and increased their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Barclays lowered their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Citigroup boosted their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.31.

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.