WASHINGTON TRUST Co Sells 7,311 Shares of Corning Incorporated (NYSE:GLW)

WASHINGTON TRUST Co lessened its stake in Corning Incorporated (NYSE:GLW) by 3.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 216,464 shares of the electronics maker’s stock after selling 7,311 shares during the quarter. WASHINGTON TRUST Co’s holdings in Corning were worth $6,591,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Peoples Bank KS acquired a new stake in Corning in the third quarter valued at $25,000. OFI Invest Asset Management bought a new position in shares of Corning in the third quarter valued at about $25,000. Janiczek Wealth Management LLC raised its position in shares of Corning by 173.6% in the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 571 shares during the period. Quarry LP bought a new position in shares of Corning in the second quarter valued at about $32,000. Finally, SRS Capital Advisors Inc. raised its position in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

GLW stock traded up $0.43 during mid-day trading on Wednesday, hitting $32.74. The stock had a trading volume of 1,488,959 shares, compared to its average volume of 4,817,858. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The firm has a market capitalization of $28.00 billion, a P/E ratio of 48.24, a P/E/G ratio of 1.85 and a beta of 1.08. The firm has a fifty day simple moving average of $32.01 and a 200 day simple moving average of $30.24.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same period last year, the company posted $0.47 EPS. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. As a group, research analysts forecast that Corning Incorporated will post 1.86 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.42%. Corning’s payout ratio is currently 167.16%.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on GLW shares. UBS Group increased their price objective on shares of Corning from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, January 11th. Barclays raised their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a research report on Thursday, February 1st. Finally, StockNews.com lowered shares of Corning from a “hold” rating to a “sell” rating in a research report on Sunday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $32.88.

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.