Lincoln National Corp trimmed its holdings in shares of Corning Incorporated (NYSE:GLW – Free Report) by 2.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,494 shares of the electronics maker’s stock after selling 569 shares during the period. Lincoln National Corp’s holdings in Corning were worth $688,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Corning by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after acquiring an additional 671,480 shares during the last quarter. Geode Capital Management LLC lifted its stake in Corning by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 15,502,178 shares of the electronics maker’s stock valued at $494,370,000 after buying an additional 190,144 shares during the period. Morgan Stanley boosted its holdings in Corning by 26.5% during the fourth quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock worth $438,666,000 after buying an additional 2,875,197 shares during the last quarter. Norges Bank acquired a new position in shares of Corning during the 4th quarter worth about $241,456,000. Finally, American Century Companies Inc. increased its stake in shares of Corning by 49.1% in the 4th quarter. American Century Companies Inc. now owns 7,161,868 shares of the electronics maker’s stock valued at $228,750,000 after acquiring an additional 2,358,866 shares during the last quarter. 68.38% of the stock is currently owned by institutional investors and hedge funds.
Corning Stock Up 0.1 %
NYSE:GLW opened at $33.22 on Monday. The stock has a 50-day simple moving average of $33.18 and a 200 day simple moving average of $33.93. Corning Incorporated has a 52-week low of $28.98 and a 52-week high of $37.73. The company has a market cap of $28.24 billion, a PE ratio of 31.34, a PEG ratio of 2.24 and a beta of 1.09. 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 declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders 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 yield of 3.37%. Corning’s dividend payout ratio (DPR) is presently 105.66%.
Wall Street Analysts Forecast Growth
GLW has been the topic of several recent analyst reports. UBS Group lowered shares of Corning from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $38.00 to $39.00 in a research note on Friday, July 14th. Morgan Stanley raised shares of Corning from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $35.00 to $38.00 in a report on Friday, June 9th. StockNews.com assumed coverage on shares of Corning in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Barclays reduced their target price on Corning from $35.00 to $33.00 in a report on Wednesday, April 26th. Finally, 888 restated an “upgrade” rating on shares of Corning in a report on Friday, June 9th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus price target of $38.67.
Insider Transactions at Corning
In related news, VP Michael Alan Bell sold 35,045 shares of the 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Corning news, VP Michael Alan Bell sold 35,045 shares of the company’s 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 11,000 shares of Corning stock in a transaction dated 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 directly owns 18,313 shares of the company’s stock, valued at approximately $604,145.87. The disclosure for this sale can be found here. Insiders sold a total of 161,334 shares of company stock worth $5,294,350 in the last three months. Insiders own 0.40% of the company’s stock.
Corning 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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