Corning Incorporated (NYSE:GLW) Shares Sold by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp lessened its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 3.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 271,116 shares of the electronics maker's stock after selling 8,397 shares during the period. OMERS ADMINISTRATION Corp's holdings in Corning were worth $12,883,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in GLW. Northstar Advisory Group LLC increased its position in shares of Corning by 258.4% during the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock worth $5,883,000 after acquiring an additional 89,268 shares during the period. Franklin Resources Inc. boosted its position in Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock valued at $8,975,000 after buying an additional 62,514 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Corning by 16.8% during the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock worth $5,296,000 after purchasing an additional 16,001 shares during the last quarter. New Century Financial Group LLC acquired a new stake in shares of Corning during the 4th quarter worth approximately $1,110,000. Finally, Oak Thistle LLC acquired a new stake in shares of Corning during the 4th quarter valued at about $373,000. Institutional investors own 69.80% of the company's stock.

Corning Stock Up 1.4%

Shares of NYSE GLW traded up $0.65 during trading on Friday, hitting $48.25. The stock had a trading volume of 4,639,459 shares, compared to its average volume of 5,949,445. The firm has a fifty day moving average of $44.53 and a two-hundred day moving average of $47.50. 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 Incorporated has a 12 month low of $35.12 and a 12 month high of $55.33. The company has a market capitalization of $41.33 billion, a PE ratio of 83.19, a PEG ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last posted 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 return on equity of 15.10% and a net margin of 3.86%. The business's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the company earned $0.38 earnings per share. As a group, equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders 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 annualized dividend and a dividend yield of 2.32%. Corning's dividend payout ratio is presently 215.38%.

Insiders Place Their Bets

In other 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 value of $892,743.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the sale, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on GLW. JPMorgan Chase & Co. reduced 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. Citigroup dropped their price objective 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. Barclays decreased their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, Oppenheimer decreased their price target on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $53.08.

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.