Ameriprise Financial Inc. Sells 184,401 Shares of Corning Incorporated (NYSE:GLW)

Ameriprise Financial Inc. lessened its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 1.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,483,371 shares of the electronics maker's stock after selling 184,401 shares during the quarter. Ameriprise Financial Inc. owned about 1.57% of Corning worth $641,187,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Aptus Capital Advisors LLC increased its holdings in shares of Corning by 10.7% during the fourth quarter. Aptus Capital Advisors LLC now owns 8,516 shares of the electronics maker's stock valued at $405,000 after acquiring an additional 820 shares in the last quarter. Ardsley Advisory Partners LP increased its stake in Corning by 18.8% during the 4th quarter. Ardsley Advisory Partners LP now owns 180,000 shares of the electronics maker's stock valued at $8,554,000 after purchasing an additional 28,500 shares in the last quarter. Atalanta Sosnoff Capital LLC lifted its stake in shares of Corning by 7.0% in the fourth quarter. Atalanta Sosnoff Capital LLC now owns 10,009 shares of the electronics maker's stock valued at $476,000 after buying an additional 655 shares in the last quarter. AXA S.A. lifted its stake in shares of Corning by 618.8% in the fourth quarter. AXA S.A. now owns 388,878 shares of the electronics maker's stock valued at $18,479,000 after buying an additional 334,775 shares in the last quarter. Finally, Alight Capital Management LP bought a new stake in shares of Corning during the fourth quarter worth about $3,802,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

NYSE:GLW traded up $0.24 during mid-day trading on Thursday, hitting $45.09. 3,356,914 shares of the stock traded hands, compared to its average volume of 5,934,664. The company has a market cap of $38.61 billion, a PE ratio of 77.73, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 12-month low of $33.94 and a 12-month high of $55.33. The business's 50-day moving average price is $44.51 and its 200 day moving average price is $47.52. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter last year, the firm posted $0.38 EPS. The company's revenue was up 12.9% compared to the same quarter last year. On average, analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.48%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio (DPR) is currently 215.38%.

Insider Activity

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on GLW shares. Barclays cut their price target on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and upped their price target for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. Finally, Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $53.08.

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.