Corning Incorporated (NYSE:GLW) Shares Sold by CORDA Investment Management LLC.

CORDA Investment Management LLC. decreased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 2.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 564,355 shares of the electronics maker's stock after selling 16,239 shares during the quarter. Corning makes up 2.1% of CORDA Investment Management LLC.'s holdings, making the stock its 26th largest holding. CORDA Investment Management LLC. owned about 0.07% of Corning worth $25,836,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock valued at $4,747,402,000 after purchasing an additional 916,528 shares in the last quarter. Geode Capital Management LLC boosted its position in Corning by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock valued at $875,633,000 after purchasing an additional 533,686 shares in the last quarter. Northern Trust Corp boosted its position in Corning by 2.0% during the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after purchasing an additional 208,826 shares in the last quarter. Norges Bank bought a new stake in Corning during the fourth quarter valued at about $490,933,000. Finally, Dimensional Fund Advisors LP boosted its position in Corning by 0.8% during 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. Institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GLW shares. JPMorgan Chase & Co. dropped their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Citigroup decreased their price target on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Bank of America increased their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. UBS Group increased their price target on Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, 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 note on Tuesday. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.82.

Corning Stock Performance

Shares of NYSE:GLW traded down $0.05 during trading on Thursday, hitting $52.53. The stock had a trading volume of 1,852,750 shares, compared to its average volume of 5,419,516. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $55.33. The stock has a market capitalization of $44.99 billion, a price-to-earnings ratio of 100.96, a price-to-earnings-growth ratio of 1.42 and a beta of 1.11. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The stock has a 50-day simple moving average of $49.60 and a two-hundred day simple moving average of $48.20.

Corning (NYSE:GLW - Get Free Report) last announced 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. The company had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. Corning's quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the business earned $0.38 earnings per share. On average, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.13%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is currently 215.38%.

Insider Buying and Selling

In other Corning news, SVP Soumya Seetharam sold 6,505 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total value of $325,315.05. Following the sale, the senior vice president directly owned 25,000 shares of the company's stock, valued at approximately $1,250,250. This trade represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the sale, the senior vice president directly owned 16,117 shares in the company, valued at $800,692.56. This represents a 51.49% 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. Corporate 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 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.