Mirae Asset Global Investments Co. Ltd. Has $3.69 Million Stock Position in Corning Incorporated (NYSE:GLW)

Mirae Asset Global Investments Co. Ltd. lessened its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 23.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 80,438 shares of the electronics maker's stock after selling 25,130 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Corning were worth $3,689,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of GLW. University of Texas Texas AM Investment Management Co. increased its stake in 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 acquiring an additional 214 shares during the period. Seeds Investor LLC grew its holdings in shares of Corning by 3.0% during the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock worth $366,000 after purchasing an additional 221 shares in the last quarter. CreativeOne Wealth LLC grew its holdings in shares of Corning by 2.4% during the 4th quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock worth $484,000 after purchasing an additional 238 shares in the last quarter. Old North State Wealth Management LLC increased its position in shares of Corning by 0.6% in the first quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock worth $1,836,000 after purchasing an additional 239 shares during the period. Finally, Colonial Trust Co SC raised its stake in Corning by 3.8% in the fourth quarter. Colonial Trust Co SC now owns 7,138 shares of the electronics maker's stock valued at $339,000 after purchasing an additional 258 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Citigroup cut their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Oppenheimer reduced their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Mizuho set a $52.00 price objective on shares of Corning in a research report on Tuesday, April 15th. Finally, Bank of America upped their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.75.

Corning Price Performance

Shares of NYSE GLW traded up $0.37 during midday trading on Friday, reaching $53.09. 2,066,077 shares of the company were exchanged, compared to its average volume of 5,636,227. The stock's 50-day moving average price is $49.10 and its 200-day moving average price is $48.08. The stock has a market cap of $45.47 billion, a P/E ratio of 102.10, a PEG ratio of 1.43 and a beta of 1.11. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. Corning Incorporated has a one year low of $37.18 and a one year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter last year, the business posted $0.38 EPS. Corning's revenue for the quarter was up 12.9% on a year-over-year basis. On average, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is currently 215.38%.

Insider Buying and Selling

In related news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president directly owned 9,610 shares in the company, valued at $450,805.10. This trade represents a 45.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Soumya Seetharam sold 14,313 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total transaction of $715,793.13. Following the completion of the transaction, the senior vice president owned 31,505 shares of the company's stock, valued at approximately $1,575,565.05. This trade represents a 31.24% 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 three months. 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.