Russell Investments Group Ltd. Has $7.84 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Russell Investments Group Ltd. lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 6.3% in the 4th quarter, HoldingsChannel reports. The fund owned 256,807 shares of the electronics maker’s stock after purchasing an additional 15,283 shares during the period. Russell Investments Group Ltd.’s holdings in Corning were worth $7,837,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Natixis Advisors L.P. raised its holdings in shares of Corning by 5.9% in 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 during the last quarter. KMG Fiduciary Partners LLC bought a new position in shares of Corning in the fourth quarter valued at approximately $1,199,000. Socha Financial Group LLC increased its position in shares of Corning by 8.8% during the fourth 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 last quarter. HB Wealth Management LLC lifted its holdings in Corning by 24.2% during the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after acquiring an additional 1,926 shares during the period. Finally, SG Americas Securities LLC grew its stake in Corning by 59.8% in the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after purchasing an additional 40,564 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In other Corning news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other 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 transaction of $553,219.20. Following the completion of the sale, the vice president now directly owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 239,841 shares of company stock worth $7,971,257. Corporate insiders own 0.45% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $33.43 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The stock has a market capitalization of $28.64 billion, a price-to-earnings ratio of 47.08, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The stock’s 50-day simple moving average is $32.40 and its 200 day simple moving average is $30.74.

Corning (NYSE:GLW) last announced its quarterly earnings results 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. The firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 earnings per share. Research analysts forecast that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 3.35%. Corning’s payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research analyst reports. UBS Group boosted 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. Susquehanna reissued a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Mizuho assumed coverage on Corning in a research note on Tuesday. They issued a “neutral” rating and a $36.00 price objective on the stock. Barclays raised their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Finally, HSBC cut 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. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Hold” and a consensus price target of $35.00.

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.