Carret Asset Management LLC Sells 6,018 Shares of Corning Incorporated (NYSE:GLW)

Carret Asset Management LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 6.5% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 86,098 shares of the electronics maker’s stock after selling 6,018 shares during the period. Carret Asset Management LLC’s holdings in Corning were worth $4,091,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sound Income Strategies LLC lifted its stake 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 during the period. Sierra Ocean LLC bought a new position in Corning during the 4th quarter valued at about $25,000. Asset Planning Inc bought a new position in Corning during the 4th quarter valued at about $29,000. Rosenberg Matthew Hamilton lifted its stake in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 500 shares during the period. Finally, Mainstream Capital Management LLC bought a new position in Corning during the 4th quarter valued at about $35,000. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.3 %

Corning stock opened at $45.56 on Friday. The firm has a 50 day moving average of $49.89 and a 200 day moving average of $47.43. The firm has a market capitalization of $39.02 billion, a price-to-earnings ratio of 78.55, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.46%. Corning’s payout ratio is 193.10%.

Analyst Ratings Changes

Several research firms have recently commented on GLW. Citigroup upped their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. 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 report on Tuesday, December 17th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and upped their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Insiders Place Their Bets

In other Corning news, COO Eric S. Musser sold 30,000 shares of the company’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 completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning 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.