Los Angeles Capital Management LLC Sells 165,509 Shares of Corning Incorporated (NYSE:GLW)

Los Angeles Capital Management LLC reduced its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 7.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,147,032 shares of the electronics maker's stock after selling 165,509 shares during the period. Los Angeles Capital Management LLC owned about 0.25% of Corning worth $98,291,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLW. Vermillion Wealth Management Inc. purchased a new position in Corning during the 4th quarter worth $29,000. Putney Financial Group LLC purchased a new stake in Corning during the 4th quarter valued at about $30,000. Transce3nd LLC purchased a new stake in Corning during the 4th quarter valued at about $39,000. ORG Partners LLC grew its stake in 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 purchasing an additional 476 shares during the last quarter. Finally, Dunhill Financial LLC grew its stake in 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 purchasing an additional 394 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Insider Transactions at Corning

In other Corning news, VP John Z. Zhang sold 9,610 shares of Corning stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total value of $473,676.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of Corning 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 quarter, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on GLW shares. UBS Group upped their price target on Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Morgan Stanley increased their target price on Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Mizuho set a $59.00 target price on Corning and gave the company an "outperform" rating in a report on Tuesday. Oppenheimer reduced their target price on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, Wolfe Research initiated coverage on Corning in a report on Tuesday, July 8th. They set an "outperform" rating for the company. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $57.45.

Corning Stock Down 0.3%

GLW stock opened at $54.04 on Friday. 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 firm has a market cap of $46.28 billion, a PE ratio of 103.92, a P/E/G ratio of 1.46 and a beta of 1.11. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $55.33. The firm has a 50 day simple moving average of $50.70 and a 200 day simple moving average of $48.46.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly 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. Corning had a net margin of 3.34% and a return on equity of 16.47%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter in the prior year, the business posted $0.38 EPS. Corning's quarterly revenue was up 12.9% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid 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 yield of 2.07%. Corning's payout ratio 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.

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