Corning Incorporated (NYSE:GLW) Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 0.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 97,449,041 shares of the electronics maker’s stock after selling 798,467 shares during the quarter. Vanguard Group Inc. owned 11.38% of Corning worth $3,211,920,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Access Investment Management LLC acquired a new position in shares of Corning in the first quarter worth about $28,000. Cape Investment Advisory Inc. raised its stake in shares of Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the period. Future Financial Wealth Managment LLC purchased a new position in shares of Corning during the 1st quarter valued at approximately $33,000. Register Financial Advisors LLC acquired a new stake in Corning in the 1st quarter valued at $33,000. Finally, EverSource Wealth Advisors LLC increased its holdings in Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 823 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Mizuho lifted their price objective on Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, June 18th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Citigroup increased their price objective on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Morgan Stanley lifted their target price on shares of Corning from $38.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 9th. Finally, Bank of America raised their price target on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $43.38.

Corning Trading Down 1.5 %

Shares of GLW stock traded down $0.68 during mid-day trading on Friday, hitting $44.31. 6,016,897 shares of the company’s stock were exchanged, compared to its average volume of 10,274,135. The stock has a market cap of $37.96 billion, a price-to-earnings ratio of 62.41, a PEG ratio of 1.64 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The stock has a 50-day simple moving average of $38.99 and a two-hundred day simple moving average of $34.46.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. Corning’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 earnings per share. Equities analysts expect that Corning Incorporated will post 1.94 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio is presently 157.75%.

Insiders Place Their Bets

In related news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the sale, the vice president now owns 57,280 shares in the company, valued at approximately $2,141,699.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold a total of 175,207 shares of company stock worth $5,876,067 over the last quarter. 0.40% of the stock is owned by corporate insiders.

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.