Argus Investors Counsel Inc. lessened its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 26.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,435 shares of the electronics maker's stock after selling 5,500 shares during the period. Argus Investors Counsel Inc.'s holdings in Corning were worth $707,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Corning in the fourth quarter valued at about $490,933,000. Polar Capital Holdings Plc purchased a new position in Corning in the 4th quarter valued at about $124,253,000. Amundi boosted its holdings in Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after buying an additional 2,268,436 shares during the last quarter. Mariner LLC increased its stake in Corning by 134.0% during the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock worth $183,867,000 after buying an additional 2,215,840 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Corning during the fourth quarter valued at approximately $92,522,000. Institutional investors and hedge funds own 69.80% of the company's stock.
Analysts Set New Price Targets
GLW has been the subject of several research reports. JPMorgan Chase & Co. dropped their price target on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Bank of America boosted their price target on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Mizuho set a $52.00 price objective on shares of Corning in a report on Tuesday, April 15th. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, Oppenheimer lowered their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Four investment 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, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $53.08.
Read Our Latest Report on Corning
Insider Buying and Selling at Corning
In other news, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now owns 9,610 shares in the company, valued at $450,805.10. This represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock valued at $3,632,635 in the last 90 days. Company insiders own 0.40% of the company's stock.
Corning Trading Up 2.4%
GLW traded up $1.17 on Monday, hitting $50.77. The company had a trading volume of 4,295,759 shares, compared to its average volume of 5,913,142. The company's fifty day moving average price is $46.19 and its 200 day moving average price is $47.76. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a market cap of $43.48 billion, a P/E ratio of 87.53, a PEG ratio of 1.50 and a beta of 1.11.
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 (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business's revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 EPS. As a group, equities analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.
Corning Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors 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 2.21%. The ex-dividend date of this dividend is Friday, May 30th. Corning's payout ratio is currently 215.38%.
About Corning
(
Free Report)
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.
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