Folger Nolan Fleming Douglas Capital Management Inc. Sells 500 Shares of Corning Incorporated (NYSE:GLW)

Folger Nolan Fleming Douglas Capital Management Inc. lowered its stake in Corning Incorporated (NYSE:GLW) by 2.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,600 shares of the electronics maker’s stock after selling 500 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Corning were worth $658,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Intact Investment Management Inc. grew its position in shares of Corning by 56.2% during the fourth quarter. Intact Investment Management Inc. now owns 189,100 shares of the electronics maker’s stock worth $5,758,000 after purchasing an additional 68,000 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Corning by 6.3% during the 4th quarter. Russell Investments Group Ltd. now owns 256,807 shares of the electronics maker’s stock valued at $7,837,000 after buying an additional 15,283 shares in the last quarter. Headlands Technologies LLC purchased a new position in Corning during the 4th quarter valued at approximately $51,000. Bryn Mawr Capital Management LLC purchased a new position in Corning during the 4th quarter valued at approximately $339,000. Finally, Syon Capital LLC purchased a new position in Corning during the 4th quarter valued at approximately $339,000. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their price target on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. Barclays raised their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Finally, StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One research 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $34.78.

Corning Stock Down 0.1 %

Shares of GLW stock traded down $0.02 during mid-day trading on Friday, hitting $31.33. The stock had a trading volume of 3,689,954 shares, compared to its average volume of 3,969,842. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The firm has a market capitalization of $26.80 billion, a P/E ratio of 46.76, a price-to-earnings-growth ratio of 1.74 and a beta of 1.08. The firm’s 50-day moving average is $32.28 and its two-hundred day moving average is $30.45. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share 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 analysts’ expectations of $3.26 billion. During the same period in the prior year, the business earned $0.47 EPS. The business’s revenue for the quarter was down 12.1% compared to the same quarter last year. On average, analysts predict that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.57%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

Insider Activity at Corning

In related 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 transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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.