Forsta AP Fonden Sells 5,600 Shares of Corning Incorporated (NYSE:GLW)

Key Points

• Forsta AP Fonden reduced its stake in Corning Incorporated by 3.4%, selling 5,600 shares during the first quarter, which brought its total holdings to 160,800 shares valued at approximately $7.36 million.
• Corning recently reported earnings of $0.60 per share, exceeding analyst expectations, and has announced a quarterly dividend of $0.28 per share, with an upcoming payment date set for September 29th.
• Multiple analysts have recently increased their target prices for Corning's stock, with Oppenheimer raising it to $72.00 and Susquehanna upgrading it to $75.00, reflecting a generally positive outlook on the company's performance.

Forsta AP Fonden trimmed its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 3.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 160,800 shares of the electronics maker's stock after selling 5,600 shares during the period. Forsta AP Fonden's holdings in Corning were worth $7,361,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. lifted its stake in Corning by 9.7% in the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after buying an additional 214 shares in the last quarter. Seeds Investor LLC lifted its stake in Corning by 3.0% in the fourth quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock valued at $366,000 after buying an additional 221 shares in the last quarter. Harbour Investments Inc. lifted its stake in Corning by 2.4% in the first quarter. Harbour Investments Inc. now owns 9,489 shares of the electronics maker's stock valued at $434,000 after buying an additional 224 shares in the last quarter. CreativeOne Wealth LLC lifted its stake in Corning by 2.4% in the fourth quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock valued at $484,000 after buying an additional 238 shares in the last quarter. Finally, Old North State Wealth Management LLC lifted its stake in Corning by 0.6% in the first quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock valued at $1,836,000 after buying an additional 239 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Insider Transactions at Corning

In other Corning news, CEO Wendell P. Weeks sold 82,103 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the transaction, the chief executive officer directly owned 809,295 shares in the company, valued at $52,757,941.05. The trade was a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president owned 16,117 shares in the company, valued at $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 211,484 shares of company stock valued at $12,813,804. Corporate insiders own 0.40% of the company's stock.

Corning Stock Up 0.1%

GLW traded up $0.05 during trading on Thursday, reaching $65.79. 3,607,342 shares of the stock were exchanged, compared to its average volume of 6,081,778. The stock has a market cap of $56.35 billion, a P/E ratio of 69.98, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08. Corning Incorporated has a twelve month low of $37.31 and a twelve month high of $66.50. The stock's 50 day moving average price is $55.41 and its two-hundred day moving average price is $50.03. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's payout ratio is currently 119.15%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on GLW shares. Susquehanna reaffirmed a "positive" rating and issued a $75.00 price target (up previously from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Mizuho set a $74.00 price target on shares of Corning and gave the company an "outperform" rating in a research note on Friday, August 8th. UBS Group lifted their price objective on shares of Corning from $57.00 to $65.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Barclays lifted their price objective on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price 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.