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

Minneapolis Portfolio Management Group LLC cut its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 1.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 908,505 shares of the electronics maker's stock after selling 10,414 shares during the period. Corning makes up approximately 5.8% of Minneapolis Portfolio Management Group LLC's investment portfolio, making the stock its largest position. Minneapolis Portfolio Management Group LLC owned about 0.11% of Corning worth $41,591,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in GLW. Vanguard Group Inc. boosted its stake in Corning by 0.9% in 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 buying an additional 916,528 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Corning by 3.0% in the 4th 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 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 purchasing an additional 208,826 shares in the last quarter. Norges Bank acquired a new stake in shares of Corning in the 4th quarter valued at approximately $490,933,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Corning by 0.8% in the 4th 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 and hedge funds own 69.80% of the company's stock.

Corning Trading Up 0.6%

GLW stock traded up $0.34 during midday trading on Tuesday, hitting $52.72. The stock had a trading volume of 4,314,283 shares, compared to its average volume of 5,511,414. The firm has a market cap of $45.15 billion, a P/E ratio of 101.38, a price-to-earnings-growth ratio of 1.41 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. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The business has a fifty day moving average price of $49.27 and a two-hundred day moving average price of $48.13.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the previous year, the business earned $0.38 EPS. The firm's revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.12%. Corning's payout ratio is presently 215.38%.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the company's 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 transaction, the senior vice president directly owned 16,117 shares in the company, valued at approximately $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. Insiders have sold 75,796 shares of company stock worth $3,632,635 over the last ninety days. 0.32% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. cut their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Wolfe Research started coverage on Corning in a report on Tuesday. They set an "outperform" rating on the stock. Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Morgan Stanley lifted 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. Finally, Mizuho set a $52.00 price target on Corning in a research note on Tuesday, April 15th. Four investment 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $53.92.

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.