Skandinaviska Enskilda Banken AB publ Sells 13,699 Shares of Corning Incorporated (NYSE:GLW)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its stake in Corning Incorporated by 7.1%, selling 13,699 shares, leaving them with a total of 178,370 shares valued at approximately $8.17 million.
• Corning reported a 12.9% year-over-year revenue increase to $3.68 billion and posted earnings of $0.54 per share, exceeding analysts' expectations.
• The company announced a quarterly dividend of $0.28 per share, resulting in an annual yield of approximately 2.02%, with a payout ratio of 215.38%.

Skandinaviska Enskilda Banken AB publ lessened its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 7.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,370 shares of the electronics maker's stock after selling 13,699 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Corning were worth $8,166,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vermillion Wealth Management Inc. purchased a new position in Corning during the 4th quarter valued at about $29,000. Putney Financial Group LLC purchased a new position in Corning during the 4th quarter valued at about $30,000. Transce3nd LLC purchased a new position in Corning during the 4th quarter valued at about $39,000. ORG Partners LLC lifted its holdings in shares of Corning by 115.8% during the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock valued at $40,000 after buying an additional 476 shares during the last quarter. Finally, Dunhill Financial LLC lifted its holdings in shares of Corning by 77.1% during the 4th quarter. Dunhill Financial LLC now owns 905 shares of the electronics maker's stock valued at $43,000 after buying an additional 394 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Activity at Corning

In other news, VP John Z. Zhang sold 9,610 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total transaction of $473,676.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $892,743.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.32% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on GLW shares. Wolfe Research started coverage on Corning in a report on Tuesday, July 8th. They set an "outperform" rating for the company. Morgan Stanley lifted their price target on Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Citigroup lifted their price target on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. Oppenheimer reduced their price target on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. lifted their price target on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $57.73.

Corning Stock Performance

GLW traded down $0.36 on Friday, hitting $55.37. The company had a trading volume of 4,717,798 shares, compared to its average volume of 3,942,974. The company's fifty day moving average price is $51.45 and its 200 day moving average price is $48.72. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $56.25. 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 stock has a market cap of $47.42 billion, a price-to-earnings ratio of 106.47, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11.

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

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.02%. Corning's dividend payout ratio (DPR) is presently 215.38%.

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.