Corning Incorporated (NYSE:GLW) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its stake in Corning Incorporated (NYSE:GLW - Free Report) by 1.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,347,977 shares of the electronics maker's stock after buying an additional 80,872 shares during the period. Bank of New York Mellon Corp owned 0.74% of Corning worth $290,610,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in GLW. Vanguard Group Inc. boosted its position in Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after acquiring an additional 916,528 shares during the period. Geode Capital Management LLC increased its position in Corning by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock worth $875,633,000 after buying an additional 533,686 shares during the period. Northern Trust Corp increased its position in Corning by 2.0% in the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after buying an additional 208,826 shares during the period. Norges Bank bought a new position in Corning in the 4th quarter worth approximately $490,933,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Corning by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock valued at $465,723,000 after purchasing an additional 78,497 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Z. Zhang sold 9,610 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total transaction of $473,676.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 75,796 shares of company stock worth $3,632,635. 0.32% of the stock is currently owned by company insiders.

Corning Stock Performance

GLW traded up $0.34 during midday trading on Tuesday, hitting $52.72. 4,314,283 shares of the company were exchanged, compared to its average volume of 5,630,749. The company's 50 day simple moving average is $49.27 and its 200 day simple moving average is $48.13. The firm has a market capitalization of $45.15 billion, a price-to-earnings ratio of 101.38, a price-to-earnings-growth ratio of 1.43 and a beta of 1.11. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the prior year, the company posted $0.38 EPS. The company's revenue for the quarter was up 12.9% on a year-over-year basis. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.12%. Corning's dividend payout ratio (DPR) is currently 215.38%.

Analyst Ratings Changes

A number of equities analysts have commented on GLW shares. JPMorgan Chase & Co. reduced their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Morgan Stanley increased their price target on Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a research report on Tuesday. Oppenheimer cut their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Wolfe Research initiated coverage on Corning in a report on Tuesday. They set an "outperform" rating for the company. Finally, Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.92.

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.