Corning Incorporated (NYSE:GLW) Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has reduced its stake in Corning Incorporated (NYSE: GLW) by 3.5%, now owning 96.37 million shares valued at approximately $4.41 billion.
• Corning's recent performance includes an earnings per share (EPS) of $0.60, exceeding analysts’ expectations, with a quarterly revenue of $3.86 billion.
• The company has announced a quarterly dividend of $0.28, with a payout ratio of 119.15%, reflecting its commitment to returning value to shareholders.

Vanguard Group Inc. trimmed its position in Corning Incorporated (NYSE:GLW - Free Report) by 3.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 96,369,214 shares of the electronics maker's stock after selling 3,534,033 shares during the quarter. Vanguard Group Inc. owned 11.25% of Corning worth $4,411,783,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vermillion Wealth Management Inc. purchased a new stake in shares of Corning in the 4th quarter worth $29,000. Putney Financial Group LLC purchased a new stake in shares of Corning during the 4th quarter worth $30,000. Investment Management Corp VA ADV lifted its stake in shares of Corning by 165.9% during the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after purchasing an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its stake in shares of Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after purchasing an additional 353 shares during the last quarter. Finally, Transce3nd LLC purchased a new stake in shares of Corning during the 4th quarter worth $39,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Citigroup upped their price objective on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Wall Street Zen upgraded Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. UBS Group upped their price objective on Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a research note on Wednesday. Argus restated a "buy" rating and set a $68.00 price objective on shares of Corning in a research note on Wednesday, July 30th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $72.00 price target (up from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and an average target price of $65.17.

Insiders Place Their Bets

In related news, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the sale, the executive vice president directly owned 39,759 shares of the company's stock, valued at $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the sale, the senior vice president directly owned 35,743 shares in the company, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 219,484 shares of company stock valued at $13,189,084. Insiders own 0.40% of the company's stock.

Corning Stock Performance

Shares of GLW stock traded up $1.08 during mid-day trading on Friday, reaching $65.84. The stock had a trading volume of 4,372,071 shares, compared to its average volume of 5,910,031. The business's fifty day moving average is $54.21 and its 200-day moving average is $49.65. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The firm has a market cap of $56.40 billion, a price-to-earnings ratio of 70.04, a PEG ratio of 1.48 and a beta of 1.08. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $66.50.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same period in the prior year, the company earned $0.47 earnings per share. On average, research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a $0.28 dividend. 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 1.7%. Corning's dividend payout ratio is currently 119.15%.

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.