Corning Incorporated (NYSE:GLW) Shares Sold by CX Institutional

CX Institutional cut its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 28.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,615 shares of the electronics maker's stock after selling 6,245 shares during the quarter. CX Institutional's holdings in Corning were worth $715,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in GLW. Oregon Public Employees Retirement Fund increased its holdings in Corning by 0.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock valued at $3,139,000 after buying an additional 204 shares in the last quarter. Principal Securities Inc. grew its holdings in shares of Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock worth $293,000 after acquiring an additional 211 shares during the period. University of Texas Texas AM Investment Management Co. increased its stake in Corning by 9.7% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after purchasing an additional 214 shares in the last quarter. Bogart Wealth LLC raised its holdings in Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker's stock worth $67,000 after purchasing an additional 219 shares during the last quarter. Finally, Allworth Financial LP boosted its position in Corning by 1.1% during the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker's stock worth $930,000 after purchasing an additional 220 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Trading Down 2.5%

Corning stock traded down $1.28 during trading on Friday, hitting $49.54. The company's stock had a trading volume of 3,573,448 shares, compared to its average volume of 5,916,554. The stock's fifty day moving average is $46.19 and its 200 day moving average is $47.77. Corning Incorporated has a 1-year low of $37.05 and a 1-year high of $55.33. The stock has a market capitalization of $42.43 billion, a price-to-earnings ratio of 85.42, a P/E/G ratio of 1.50 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. The company had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm's revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.38 EPS. As a group, equities research analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio (DPR) is 215.38%.

Insiders Place Their Bets

In other Corning news, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president now owns 9,610 shares of the company's stock, valued at approximately $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the sale, the senior vice president now owns 16,117 shares of the company's stock, valued at $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 over the last quarter. Company insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Mizuho set a $52.00 target price on shares of Corning in a research report on Tuesday, April 15th. Bank of America raised their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Citigroup reduced their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, Oppenheimer cut 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. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.08.

About Corning

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.