Forsta AP Fonden reduced its position in shares of Corning Incorporated (NYSE:GLW – Free Report) by 14.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 158,400 shares of the electronics maker’s stock after selling 27,800 shares during the period. Forsta AP Fonden’s holdings in Corning were worth $5,588,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Corning during the 4th quarter valued at approximately $241,456,000. First Trust Advisors LP lifted its stake in shares of Corning by 292.8% in the 4th quarter. First Trust Advisors LP now owns 6,562,734 shares of the electronics maker’s stock valued at $209,617,000 after purchasing an additional 4,892,140 shares during the last quarter. Morgan Stanley lifted its stake in shares of Corning by 26.5% in the 4th quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock valued at $438,666,000 after purchasing an additional 2,875,197 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Corning by 49.1% during the 4th quarter. American Century Companies Inc. now owns 7,161,868 shares of the electronics maker’s stock worth $228,750,000 after purchasing an additional 2,358,866 shares during the period. Finally, Prudential Financial Inc. increased its position in shares of Corning by 197.7% during the 1st quarter. Prudential Financial Inc. now owns 2,033,754 shares of the electronics maker’s stock worth $75,066,000 after purchasing an additional 1,350,499 shares during the last quarter. 68.38% of the stock is owned by hedge funds and other institutional investors.
Corning Stock Up 0.1 %
GLW stock opened at $34.70 on Friday. The company’s 50 day moving average price is $32.65 and its 200 day moving average price is $33.75. The firm has a market capitalization of $29.50 billion, a price-to-earnings ratio of 32.74, a PEG ratio of 2.32 and a beta of 1.09. Corning Incorporated has a fifty-two week low of $28.98 and a fifty-two week high of $37.73. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.84 and a current ratio of 1.44.
Corning Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.28 per share. The ex-dividend date is Wednesday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 3.23%. Corning’s dividend payout ratio is currently 105.66%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the stock. Morgan Stanley upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $35.00 to $38.00 in a research report on Friday, June 9th. JPMorgan Chase & Co. raised their price target on Corning from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 19th. 888 reiterated an “upgrade” rating on shares of Corning in a report on Friday, June 9th. Citigroup upgraded Corning from a “neutral” rating to a “buy” rating and raised their target price for the company from $36.00 to $40.00 in a report on Thursday, June 15th. Finally, UBS Group cut their price target on shares of Corning from $40.00 to $39.00 in a research note on Wednesday, April 26th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $38.67.
Insider Activity
In related news, VP Michael Alan Bell sold 35,045 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $35.00, for a total transaction of $1,226,575.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Michael Alan Bell sold 35,045 shares of Corning stock in a transaction on Friday, June 16th. The shares were sold at an average price of $35.00, for a total transaction of $1,226,575.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 11,000 shares of the company’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $32.99, for a total transaction of $362,890.00. Following the completion of the transaction, the senior vice president now owns 18,313 shares of the company’s stock, valued at approximately $604,145.87. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 161,334 shares of company stock worth $5,294,350. 0.40% of the stock is currently owned by insiders.
Corning Company Profile
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.
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