Corning Incorporated (NYSE:GLW) Stake Boosted by SG Americas Securities LLC

SG Americas Securities LLC increased its position in Corning Incorporated (NYSE:GLW - Free Report) by 3,441.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,190,359 shares of the electronics maker's stock after buying an additional 1,156,746 shares during the period. SG Americas Securities LLC owned about 0.14% of Corning worth $54,495,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Soumya Seetharam sold 14,313 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the sale, the senior vice president now directly owns 31,505 shares of the company's stock, valued at $1,575,565.05. The trade was a 31.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock worth $3,632,635 in the last quarter. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Mizuho set a $52.00 price target on Corning in a report on Tuesday, April 15th. Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Oppenheimer dropped their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Citigroup decreased their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $53.08.

Corning Stock Down 2.5%

Corning stock traded down $1.28 during trading on Friday, reaching $49.54. 3,573,448 shares of the company's stock were exchanged, compared to its average volume of 5,916,550. The company's 50-day moving average is $46.19 and its two-hundred day moving average is $47.77. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 52-week low of $37.05 and a 52-week high of $55.33. The firm has a market cap of $42.43 billion, a price-to-earnings ratio of 85.42, a PEG ratio of 1.50 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The company 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 15.10% and a net margin of 3.86%. The company's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.38 earnings per share. On average, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Friday, May 30th. Corning's payout ratio is 215.38%.

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.