Mirae Asset Global Investments Co. Ltd. Sells 142,132 Shares of Corning Incorporated (NYSE:GLW)

Mirae Asset Global Investments Co. Ltd. cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 36.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 245,667 shares of the electronics maker’s stock after selling 142,132 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Corning were worth $7,481,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Federated Hermes Inc. boosted its stake in Corning by 5.7% in the third quarter. Federated Hermes Inc. now owns 6,079 shares of the electronics maker’s stock valued at $176,000 after acquiring an additional 328 shares in the last quarter. Smith Moore & CO. boosted its stake in Corning by 2.5% in the first quarter. Smith Moore & CO. now owns 14,583 shares of the electronics maker’s stock valued at $514,000 after acquiring an additional 350 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its stake in Corning by 1.6% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 22,337 shares of the electronics maker’s stock valued at $713,000 after acquiring an additional 360 shares in the last quarter. Harvest Investment Advisors LLC boosted its stake in Corning by 1.0% in the third quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock valued at $1,106,000 after acquiring an additional 364 shares in the last quarter. Finally, Venture Visionary Partners LLC boosted its stake in Corning by 2.0% in the fourth quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock valued at $589,000 after acquiring an additional 380 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research note on Thursday, February 1st. Barclays raised their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. UBS Group raised their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. JPMorgan Chase & Co. raised their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $34.56.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.40% of the stock is owned by corporate insiders.

Corning Trading Down 2.4 %

Shares of Corning stock opened at $31.49 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The firm has a fifty day moving average price of $32.40 and a 200 day moving average price of $30.36. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The stock has a market cap of $26.93 billion, a PE ratio of 47.00, a price-to-earnings-growth ratio of 1.79 and a beta of 1.08.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter last year, the company posted $0.47 earnings per share. The firm’s revenue was down 12.1% compared to the same quarter last year. Equities research analysts predict that Corning Incorporated will post 1.86 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.56%. Corning’s dividend payout ratio (DPR) is presently 167.16%.

About Corning

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.