Mn Services Vermogensbeheer B.V. Sells 22,800 Shares of Corning Incorporated (NYSE:GLW)

Mn Services Vermogensbeheer B.V. cut its position in Corning Incorporated (NYSE:GLW - Free Report) by 7.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 293,200 shares of the electronics maker's stock after selling 22,800 shares during the period. Mn Services Vermogensbeheer B.V.'s holdings in Corning were worth $13,423,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in Corning by 14.7% in the first quarter. Brighton Jones LLC now owns 7,688 shares of the electronics maker's stock valued at $352,000 after acquiring an additional 983 shares during the period. Dynamic Advisor Solutions LLC grew its position in Corning by 1.3% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock valued at $1,024,000 after purchasing an additional 297 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Corning by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock valued at $59,558,000 after purchasing an additional 23,781 shares in the last quarter. Azzad Asset Management Inc. ADV acquired a new position in Corning during the first quarter worth $3,688,000. Finally, RMR Wealth Builders lifted its stake in shares of Corning by 12.6% in the first quarter. RMR Wealth Builders now owns 30,805 shares of the electronics maker's stock valued at $1,410,000 after buying an additional 3,438 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Price Performance

GLW stock traded up $1.17 during mid-day trading on Monday, reaching $50.77. 4,295,945 shares of the company traded hands, compared to its average volume of 5,910,952. The company has a fifty day moving average price of $46.19 and a 200-day moving average price of $47.76. Corning Incorporated has a 52-week low of $37.18 and a 52-week high of $55.33. The company has a market capitalization of $43.48 billion, a P/E ratio of 87.53, 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 current ratio of 1.62 and a quick ratio of 1.07.

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

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.21%. Corning's dividend payout ratio is currently 215.38%.

Insider Buying and Selling at Corning

In other news, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $50.01, for a total transaction of $325,315.05. Following the completion of the sale, the senior vice president now directly owns 25,000 shares of the company's stock, valued at approximately $1,250,250. The trade was a 20.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the transaction, the senior vice president now directly owns 16,117 shares in the company, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. 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 in the last 90 days. Corporate insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Oppenheimer dropped their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. JPMorgan Chase & Co. cut their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Bank of America raised their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.08.

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.