Corning Incorporated (NYSE:GLW) Shares Sold by Raymond James & Associates

Raymond James & Associates lessened its stake in Corning Incorporated (NYSE:GLW - Free Report) by 2.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,621,722 shares of the electronics maker's stock after selling 35,693 shares during the quarter. Raymond James & Associates owned about 0.19% of Corning worth $53,452,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Wellington Management Group LLP raised its holdings in Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker's stock valued at $953,474,000 after acquiring an additional 2,597,878 shares in the last quarter. Morgan Stanley increased its position in shares of Corning by 5.1% during the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker's stock valued at $667,279,000 after purchasing an additional 1,060,450 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker's stock worth $536,114,000 after acquiring an additional 2,301,745 shares during the period. Northern Trust Corp boosted its position in shares of Corning by 2.0% during the 3rd quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker's stock valued at $366,856,000 after acquiring an additional 232,699 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Corning by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker's stock valued at $296,054,000 after buying an additional 146,807 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research analyst reports. StockNews.com raised Corning from a "sell" rating to a "hold" rating in a report on Monday, April 1st. Morgan Stanley reiterated an "overweight" rating and set a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. Susquehanna reaffirmed a "positive" rating and issued a $40.00 price target on shares of Corning in a research note on Monday, April 1st. UBS Group increased their target price on Corning from $34.00 to $35.00 and gave the company a "neutral" rating in a report on Monday, April 8th. Finally, JPMorgan Chase & Co. increased their price target on shares of Corning from $36.00 to $37.00 and gave the stock a "neutral" rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $34.89.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company's stock, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares of the company's stock, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the business's stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 119,988 shares of company stock valued at $3,984,964. Insiders own 0.40% of the company's stock.

Corning Stock Performance

Shares of Corning stock traded up $0.15 during trading on Friday, hitting $33.72. 4,490,410 shares of the stock were exchanged, compared to its average volume of 5,093,209. The company has a fifty day moving average price of $32.36 and a 200-day moving average price of $30.61. The stock has a market capitalization of $28.84 billion, a price-to-earnings ratio of 47.49, a price-to-earnings-growth ratio of 1.70 and a beta of 1.07. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company's quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 earnings per share. As a group, equities analysts predict that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 3.32%. Corning's payout ratio is presently 157.75%.

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.