Greenleaf Trust Has $238,000 Stock Position in Corning Incorporated (NYSE:GLW)

Greenleaf Trust trimmed its position in Corning Incorporated (NYSE:GLW) by 41.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,805 shares of the electronics maker’s stock after selling 5,509 shares during the quarter. Greenleaf Trust’s holdings in Corning were worth $238,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in shares of Corning by 7.7% in the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after buying an additional 2,055,388 shares during the period. Morgan Stanley boosted its holdings in shares of Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after purchasing an additional 1,060,450 shares during the period. Ameriprise Financial Inc. boosted its holdings 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 worth $536,114,000 after purchasing an additional 2,301,745 shares during the period. Northern Trust Corp boosted its holdings in shares of 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 period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Corning by 6.6% during the third 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 during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning 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 transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Morgan Stanley restated an “overweight” rating and set a $35.00 price target on shares of Corning in a report on Monday. Susquehanna restated a “positive” rating and set a $40.00 price target on shares of Corning in a report on Monday, April 1st. JPMorgan Chase & Co. raised their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. Finally, 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 report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $34.78.

Corning Price Performance

Shares of GLW opened at $31.52 on Thursday. The firm has a market cap of $26.96 billion, a PE ratio of 47.04, a PEG ratio of 1.75 and a beta of 1.08. The firm’s 50 day moving average price is $32.30 and its 200 day moving average price is $30.43. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS 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 analyst estimates of $3.26 billion. During the same quarter last year, the firm posted $0.47 earnings per share. The company’s quarterly revenue was down 12.1% compared to the same quarter last year. As a group, research analysts expect that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is 167.16%.

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.