Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Has $639,000 Holdings in Corning Incorporated (NYSE:GLW)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 1.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 19,678 shares of the electronics maker’s stock after selling 330 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Corning were worth $639,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of GLW. Wellington Management Group LLP raised its position in Corning by 7.7% in the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after buying an additional 2,055,388 shares during the last quarter. Morgan Stanley raised its holdings in shares of Corning by 5.1% in the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after purchasing an additional 1,060,450 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after purchasing an additional 2,301,745 shares in the last quarter. Northern Trust Corp boosted its holdings in Corning by 2.0% during the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock worth $366,856,000 after purchasing an additional 232,699 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Corning by 6.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after purchasing an additional 490,638 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.45% of the company’s stock.

Corning Stock Performance

Shares of NYSE:GLW traded up $0.12 during trading on Tuesday, hitting $31.67. 1,044,980 shares of the company were exchanged, compared to its average volume of 4,690,530. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The stock has a 50 day moving average of $32.30 and a 200 day moving average of $30.41. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The company has a market cap of $27.09 billion, a PE ratio of 47.10, a P/E/G ratio of 1.73 and a beta of 1.08.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter last year, the company earned $0.47 EPS. The firm’s revenue was down 12.1% compared to the same quarter last year. As a group, equities research analysts predict that Corning Incorporated will post 1.87 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.54%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is 167.16%.

Wall Street Analyst Weigh In

Several research firms have commented on GLW. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. UBS Group upped their price objective on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Morgan Stanley reiterated an “overweight” rating and set a $35.00 target price on shares of Corning in a research note on Monday. Barclays increased their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Corning presently has a consensus rating of “Hold” and a consensus target price of $34.78.

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.