Corning Incorporated (NYSE:GLW) Stock Holdings Decreased by Minneapolis Portfolio Management Group LLC

Minneapolis Portfolio Management Group LLC lowered its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 1.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 908,505 shares of the electronics maker's stock after selling 10,414 shares during the period. Corning comprises 5.8% of Minneapolis Portfolio Management Group LLC's portfolio, making the stock its largest holding. Minneapolis Portfolio Management Group LLC owned approximately 0.11% of Corning worth $41,591,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock valued at $4,747,402,000 after acquiring an additional 916,528 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Corning by 3.0% during 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 stake in shares of Corning by 2.0% in the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after acquiring an additional 208,826 shares during the last quarter. Norges Bank bought a new position in Corning during the 4th quarter worth approximately $490,933,000. Finally, Dimensional Fund Advisors LP grew its holdings 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 during the period. 69.80% of the stock is owned by institutional investors.

Insider Transactions at Corning

In related news, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president owned 9,610 shares of the company's stock, valued at $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Soumya Seetharam sold 14,313 shares of Corning stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the completion of the sale, the senior vice president owned 31,505 shares of the company's stock, valued at $1,575,565.05. This represents a 31.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 75,796 shares of company stock valued at $3,632,635. Company insiders own 0.32% of the company's stock.

Corning Stock Down 0.4%

Shares of GLW traded down $0.22 on Monday, reaching $52.82. The company's stock had a trading volume of 701,832 shares, compared to its average volume of 5,626,655. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $55.33. The stock has a market capitalization of $45.24 billion, a PE ratio of 101.68, a PEG 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. The firm has a fifty day moving average of $49.10 and a 200-day moving average of $48.10.

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

Corning Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is presently 215.38%.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent analyst reports. Oppenheimer lowered their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Mizuho set a $52.00 price target on shares of Corning in a research note on Tuesday, April 15th. Citigroup lowered their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. dropped their price target on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, Bank of America boosted 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. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $53.75.

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.