Nisa Investment Advisors LLC Sells 585,708 Shares of Corning Incorporated (NYSE:GLW)

Nisa Investment Advisors LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 68.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 271,170 shares of the electronics maker's stock after selling 585,708 shares during the quarter. Nisa Investment Advisors LLC's holdings in Corning were worth $12,414,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of GLW. Brighton Jones LLC raised its holdings in Corning by 46.0% during the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after acquiring an additional 2,114 shares during the period. Assetmark Inc. raised its holdings in Corning by 101.5% during the fourth quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock valued at $51,000 after acquiring an additional 542 shares during the period. Proficio Capital Partners LLC bought a new stake in Corning during the fourth quarter valued at about $8,996,000. AlphaQuest LLC grew its position in shares of Corning by 281.8% during the fourth quarter. AlphaQuest LLC now owns 8,972 shares of the electronics maker's stock valued at $426,000 after purchasing an additional 6,622 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Corning by 7.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 162,145 shares of the electronics maker's stock valued at $7,705,000 after purchasing an additional 11,203 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Trading Down 1.3%

GLW traded down $0.68 on Friday, hitting $51.58. The company had a trading volume of 4,098,107 shares, compared to its average volume of 5,355,824. 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 company has a market cap of $44.17 billion, a PE ratio of 99.19, a PEG ratio of 1.39 and a beta of 1.11. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $55.33. The business's fifty day simple moving average is $49.87 and its 200 day simple moving average is $48.26.

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, topping the consensus estimate 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 net margin of 3.34% and a return on equity of 16.47%. The firm's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 earnings per share. Equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company 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. This represents a $1.12 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is currently 215.38%.

Insiders Place Their Bets

In other news, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $50.01, for a total transaction of $325,315.05. Following the completion of the sale, the senior vice president owned 25,000 shares of the company's stock, valued at approximately $1,250,250. The trade was a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The shares were 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 have sold 75,796 shares of company stock valued at $3,632,635 over the last quarter. Corporate insiders own 0.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GLW. Mizuho set a $52.00 price objective on Corning in a research report on Tuesday, April 15th. Citigroup raised their price objective on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday. Morgan Stanley raised their price objective on Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Oppenheimer cut their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. cut their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Four equities research 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 data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $55.73.

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.