Figure 8 Investment Strategies LLC Has $1.92 Million Stake in Corning Incorporated (NYSE:GLW)

Figure 8 Investment Strategies LLC cut its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 19.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 41,915 shares of the electronics maker's stock after selling 9,830 shares during the period. Corning accounts for about 2.0% of Figure 8 Investment Strategies LLC's holdings, making the stock its 20th biggest position. Figure 8 Investment Strategies LLC's holdings in Corning were worth $1,919,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of GLW. Oregon Public Employees Retirement Fund increased its stake in shares of Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker's stock valued at $3,139,000 after acquiring an additional 204 shares during the last quarter. Principal Securities Inc. increased its position in Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker's stock worth $293,000 after purchasing an additional 211 shares during the last quarter. University of Texas Texas AM Investment Management Co. increased its holdings in shares of Corning by 9.7% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after buying an additional 214 shares during the last quarter. Seeds Investor LLC increased its stake in Corning by 3.0% during the fourth quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock worth $366,000 after acquiring an additional 221 shares during the last quarter. Finally, CreativeOne Wealth LLC increased its stake in Corning by 2.4% during the fourth quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock worth $484,000 after acquiring an additional 238 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

GLW stock traded up $0.36 during trading on Thursday, hitting $51.75. The company had a trading volume of 2,828,526 shares, compared to its average volume of 5,683,169. The firm has a market capitalization of $44.32 billion, a price-to-earnings ratio of 99.51, a P/E/G ratio of 1.39 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 fifty-two week low of $37.18 and a fifty-two week high of $55.33. The business has a 50 day moving average of $47.88 and a 200 day moving average of $47.89.

Corning (NYSE:GLW - Get Free Report) last announced its 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 business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. Corning's revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.38 earnings per share. As a group, research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.16%. Corning's dividend payout ratio is 215.38%.

Wall Street Analyst Weigh In

GLW has been the subject of a number of research analyst reports. Mizuho set a $52.00 target price on shares of Corning in a research report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Citigroup lowered their target price on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Oppenheimer lowered their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Four 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 company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $53.75.

Insider Activity at Corning

In other Corning news, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction 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 sale, the senior vice president now directly owns 16,117 shares in the company, valued at $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction dated Wednesday, April 30th. The stock was 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. In the last ninety days, insiders have sold 75,796 shares of company stock valued at $3,632,635. Corporate insiders own 0.40% of the company's stock.

Corning Company 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.