Minneapolis Portfolio Management Group LLC Sells 10,414 Shares of Corning Incorporated (NYSE:GLW)

Minneapolis Portfolio Management Group LLC reduced its position in Corning Incorporated (NYSE:GLW - Free Report) by 1.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 908,505 shares of the electronics maker's stock after selling 10,414 shares during the period. Corning comprises approximately 5.8% of Minneapolis Portfolio Management Group LLC's holdings, making the stock its biggest holding. Minneapolis Portfolio Management Group LLC owned 0.11% of Corning worth $41,591,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GLW. Riggs Asset Managment Co. Inc. grew its position in Corning by 1,548,050.0% during the first quarter. Riggs Asset Managment Co. Inc. now owns 123,852 shares of the electronics maker's stock valued at $5,670,000 after acquiring an additional 123,844 shares during the period. Concurrent Investment Advisors LLC grew its holdings in shares of Corning by 472.1% during the 1st quarter. Concurrent Investment Advisors LLC now owns 35,020 shares of the electronics maker's stock worth $1,603,000 after purchasing an additional 28,899 shares during the period. Bank of New York Mellon Corp grew its stake in Corning by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock worth $290,610,000 after buying an additional 80,872 shares during the period. Wayfinding Financial LLC purchased a new stake in Corning during the first quarter worth approximately $71,000. Finally, IFM Investors Pty Ltd grew its stake in Corning by 7.2% during the first quarter. IFM Investors Pty Ltd now owns 164,148 shares of the electronics maker's stock worth $7,411,000 after buying an additional 10,989 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Corning news, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president directly owned 9,610 shares of the company's stock, valued at $450,805.10. This represents a 45.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock valued at $3,632,635 in the last three months. Company insiders own 0.32% of the company's stock.

Corning Price Performance

Shares of GLW traded down $0.12 during midday trading on Wednesday, reaching $52.61. The stock had a trading volume of 3,083,174 shares, compared to its average volume of 5,677,259. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. The firm's 50 day moving average price is $49.43 and its 200-day moving average price is $48.17. The company has a market capitalization of $45.06 billion, a P/E ratio of 101.17, a P/E/G ratio of 1.41 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $3.68 billion for 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% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.38 EPS. On average, analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal 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 paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.13%. Corning's dividend payout ratio is presently 215.38%.

Analysts Set New Price Targets

GLW has been the subject of a number of analyst reports. JPMorgan Chase & Co. decreased their price target on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Morgan Stanley upped their price objective on shares of Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a research report on Tuesday. UBS Group increased their price target on Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a report on Wednesday. Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Finally, Citigroup reduced their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Corning has an average rating of "Moderate Buy" and a consensus price target of $54.42.

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.