Victory Capital Management Inc. Reduces Stake in Corning Incorporated (NYSE:GLW)

Victory Capital Management Inc. lessened its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 47.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 612,542 shares of the electronics maker's stock after selling 560,024 shares during the quarter. Victory Capital Management Inc. owned about 0.07% of Corning worth $28,042,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Corning by 0.9% in the fourth 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 period. Geode Capital Management LLC raised its stake in Corning by 3.0% during the 4th 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 raised its stake in Corning by 2.0% during the 4th 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 period. Norges Bank acquired a new position in shares of Corning in the fourth quarter worth $490,933,000. Finally, Dimensional Fund Advisors LP increased 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 last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Trading Down 0.1%

Shares of NYSE GLW opened at $53.95 on Tuesday. The stock has a market cap of $46.20 billion, a P/E ratio of 103.75, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $55.33. The firm has a 50-day moving average of $50.70 and a 200 day moving average of $48.47.

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 analysts' consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.38 earnings per share. As a group, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders 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 yield of 2.08%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is currently 215.38%.

Wall Street Analyst Weigh In

GLW has been the subject of several recent analyst reports. Mizuho set a $59.00 price objective on shares of Corning and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Wolfe Research initiated coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating for the company. 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. UBS Group lifted their price target on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 9th. Finally, Citigroup increased their price target on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Four 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. Based on data from MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and a consensus price target of $57.45.

Insider Buying and Selling at Corning

In related news, SVP Stefan Becker sold 17,106 shares of the business's 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 sale, the senior vice president owned 16,117 shares in the company, valued at approximately $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the company's 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. Over the last three months, insiders have sold 75,796 shares of company stock valued at $3,632,635. 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.

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