Allspring Global Investments Holdings LLC Cuts Stock Holdings in Corning Incorporated (NYSE:GLW)

Allspring Global Investments Holdings LLC reduced its position in shares of Corning Incorporated (NYSE:GLW) by 15.3% in the 4th quarter, HoldingsChannel reports. The firm owned 37,915 shares of the electronics maker’s stock after selling 6,843 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Corning were worth $1,155,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Harvest Investment Advisors LLC increased its holdings 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 buying an additional 364 shares in the last quarter. Venture Visionary Partners LLC increased its holdings 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 buying an additional 380 shares in the last quarter. Fiera Capital Corp increased its holdings in Corning by 2.7% in the third quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock valued at $450,000 after buying an additional 385 shares in the last quarter. Western Wealth Management LLC grew its position in shares of Corning by 1.6% in the third quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock valued at $784,000 after purchasing an additional 405 shares during the last quarter. Finally, Wallace Advisory Group LLC grew its position in shares of Corning by 3.5% in the fourth quarter. Wallace Advisory Group LLC now owns 12,435 shares of the electronics maker’s stock valued at $379,000 after purchasing an additional 421 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s 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 transaction, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.45% of the company’s stock.

Corning Stock Down 0.1 %

Shares of GLW opened at $31.53 on Wednesday. The firm has a market cap of $26.97 billion, a PE ratio of 47.06, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08. The company’s fifty day moving average is $32.31 and its two-hundred day moving average is $30.42. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. Corning’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter last year, the business earned $0.47 EPS. Analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.55%. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a research report on Thursday, February 1st. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 price target on shares of Corning in a research report on Monday. Barclays increased their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, UBS Group raised their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. One 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 MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $34.78.

Corning Company 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.