First Trust Direct Indexing L.P. Has $269,000 Stock Position in Corning Incorporated (NYSE:GLW)

First Trust Direct Indexing L.P. trimmed its position in Corning Incorporated (NYSE:GLW) by 8.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 8,845 shares of the electronics maker’s stock after selling 811 shares during the period. First Trust Direct Indexing L.P.’s holdings in Corning were worth $269,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Natixis Advisors L.P. boosted its stake in shares of Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after purchasing an additional 5,616 shares in the last quarter. KMG Fiduciary Partners LLC bought a new stake in Corning during the 4th quarter worth approximately $1,199,000. Socha Financial Group LLC increased its position in Corning by 8.8% in the 4th quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock valued at $10,463,000 after acquiring an additional 27,772 shares during the period. HB Wealth Management LLC raised its position in Corning by 24.2% during the 4th quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after purchasing an additional 1,926 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Corning by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after acquiring an additional 40,564 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently 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 boosted their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Mizuho began coverage on shares of Corning in a research report on Tuesday. They set a “neutral” rating and a $36.00 price target on the stock. Morgan Stanley reiterated an “overweight” rating and set a $35.00 target price on shares of Corning in a research note on Monday, April 22nd. Finally, StockNews.com raised 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, six have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $35.00.

Insiders Place Their Bets

In other news, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the transaction, the vice president now directly owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now owns 65,598 shares in the company, valued at $2,210,652.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was 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 of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Insiders sold 239,841 shares of company stock valued at $7,971,257 over the last three months. Insiders own 0.45% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $33.43 on Wednesday. The stock has a 50-day moving average price of $32.40 and a 200-day moving average price of $30.74. The company has a market cap of $28.64 billion, a PE ratio of 47.08, a price-to-earnings-growth ratio of 1.70 and a beta of 1.07. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm posted $0.41 EPS. The firm’s revenue was down 11.5% compared to the same quarter last year. As a group, equities analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.35%. Corning’s dividend payout ratio (DPR) is 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.