Handelsbanken Fonder AB Sells 13,303 Shares of Corning Incorporated (NYSE:GLW)

Handelsbanken Fonder AB trimmed its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 3.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 390,194 shares of the electronics maker's stock after selling 13,303 shares during the period. Handelsbanken Fonder AB's holdings in Corning were worth $17,863,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in GLW. Vanguard Group Inc. lifted its position in shares of Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock worth $4,747,402,000 after buying an additional 916,528 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Corning by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock worth $875,633,000 after acquiring an additional 533,686 shares during the period. Northern Trust Corp increased its holdings in shares of Corning by 2.0% in the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after acquiring an additional 208,826 shares during the period. Norges Bank acquired a new position in Corning during the 4th quarter valued at about $490,933,000. Finally, Dimensional Fund Advisors LP increased its stake in Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock valued at $465,723,000 after buying an additional 78,497 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Down 2.5%

GLW stock traded down $1.28 during mid-day trading on Friday, hitting $49.54. 3,573,448 shares of the company were exchanged, compared to its average volume of 5,916,554. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The firm has a market cap of $42.43 billion, a P/E ratio of 85.42, a P/E/G ratio of 1.50 and a beta of 1.11. The firm's 50 day simple moving average is $46.19 and its 200 day simple moving average is $47.77. Corning Incorporated has a 1-year low of $37.05 and a 1-year high of $55.33.

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, topping the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The business's quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the company posted $0.38 EPS. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

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

Analysts Set New Price Targets

GLW has been the topic of several research analyst reports. Bank of America raised their target price on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Oppenheimer lowered their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.08.

Insiders Place Their Bets

In other news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction on 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. This trade represents a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Soumya Seetharam sold 14,313 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the transaction, the senior vice president now directly owns 31,505 shares of the company's stock, valued at approximately $1,575,565.05. This trade represents a 31.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock valued at $3,632,635 over the last ninety days. 0.40% of the stock is currently owned by company insiders.

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.