Voya Investment Management LLC Has $11.80 Million Position in Corning Incorporated (NYSE:GLW)

Voya Investment Management LLC reduced its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 5.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 248,215 shares of the electronics maker's stock after selling 14,271 shares during the quarter. Voya Investment Management LLC's holdings in Corning were worth $11,795,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in GLW. Barclays PLC raised its stake in shares of Corning by 8.5% in the 3rd quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker's stock worth $85,468,000 after buying an additional 148,042 shares in the last quarter. Bard Financial Services Inc. acquired a new position in Corning during the third quarter worth about $1,631,000. World Investment Advisors LLC raised its position in Corning by 327.3% in the third quarter. World Investment Advisors LLC now owns 24,087 shares of the electronics maker's stock worth $1,088,000 after acquiring an additional 18,450 shares in the last quarter. Sfmg LLC acquired a new stake in Corning in the 3rd quarter valued at about $205,000. Finally, Arvest Bank Trust Division acquired a new position in shares of Corning in the 3rd quarter worth approximately $2,432,000. Institutional investors own 69.80% of the company's stock.

Corning Stock Up 2.2 %

NYSE GLW traded up $0.98 on Friday, reaching $45.76. The stock had a trading volume of 4,428,237 shares, compared to its average volume of 5,964,697. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1 year low of $32.92 and a 1 year high of $55.33. The business has a 50 day moving average price of $44.79 and a 200 day moving average price of $47.53. The company has a market capitalization of $39.21 billion, a price-to-earnings ratio of 78.90, a P/E/G ratio of 1.50 and a beta of 1.09.

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, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.38 EPS. On average, analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal 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 given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.45%. The ex-dividend date is Friday, May 30th. Corning's payout ratio is 215.38%.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm's 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 filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Citigroup cut their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Bank of America upped their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. HSBC raised Corning from a "hold" rating to a "buy" rating and lifted their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Barclays reduced their price objective 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. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average 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.