Corning Incorporated $GLW Holdings Lowered by Wellington Management Group LLP

Key Points

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Wellington Management Group LLP trimmed its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 35.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,478,816 shares of the electronics maker's stock after selling 10,167,359 shares during the quarter. Wellington Management Group LLP owned about 2.16% of Corning worth $845,960,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GLW. Vermillion Wealth Management Inc. acquired a new position in shares of Corning in the 4th quarter worth approximately $29,000. Putney Financial Group LLC acquired a new position in shares of Corning in the 4th quarter worth approximately $30,000. Investment Management Corp VA ADV grew its stake in shares of Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after purchasing an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its stake in shares of Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after purchasing an additional 353 shares during the last quarter. Finally, Gen Wealth Partners Inc grew its stake in shares of Corning by 151.7% in the 1st quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock worth $35,000 after purchasing an additional 455 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

NYSE GLW opened at $65.54 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $56.14 billion, a PE ratio of 69.72, a price-to-earnings-growth ratio of 1.47 and a beta of 1.08. The company has a 50 day moving average price of $55.99 and a two-hundred day moving average price of $50.22. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $66.50.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The firm had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same period in the previous year, the company earned $0.47 earnings per share. As a group, equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

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 paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's payout ratio is presently 119.15%.

Insiders Place Their Bets

In other news, SVP Michael Paul O'day sold 14,879 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the sale, the senior vice president directly owned 35,743 shares in the company, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the sale, the chief operating officer owned 64,838 shares of the company's stock, valued at $4,036,813.88. The trade was a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 211,484 shares of company stock valued at $12,813,804 in the last three months. Company insiders own 0.32% of the company's stock.

Analyst Ratings Changes

GLW has been the topic of several analyst reports. Mizuho lifted their target price on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Susquehanna reissued a "positive" rating and issued a $75.00 target price (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Citigroup lifted their target price on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. UBS Group lifted their target price on shares of Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Finally, Wolfe Research initiated coverage on shares of Corning in a research report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $65.17.

Corning Company Profile

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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