SageView Advisory Group LLC Invests $348,000 in Corning Incorporated (NYSE:GLW)

SageView Advisory Group LLC acquired a new position in shares of Corning Incorporated (NYSE:GLWFree Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 10,437 shares of the electronics maker’s stock, valued at approximately $348,000.

A number of other institutional investors also recently added to or reduced their stakes in GLW. Wellington Management Group LLP boosted its holdings in shares of Corning by 7.7% in the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after buying an additional 2,055,388 shares in the last quarter. Morgan Stanley boosted its stake in Corning by 5.1% in the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after acquiring an additional 1,060,450 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after purchasing an additional 2,301,745 shares during the last quarter. Northern Trust Corp increased its position in shares of Corning by 2.0% during the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock worth $366,856,000 after purchasing an additional 232,699 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock valued at $296,054,000 after purchasing an additional 146,807 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 239,841 shares of company stock worth $7,971,257. Company insiders own 0.45% of the company’s stock.

Corning Stock Up 0.4 %

Shares of GLW opened at $36.28 on Tuesday. The company has a market capitalization of $31.08 billion, a price-to-earnings ratio of 51.10, a PEG ratio of 1.64 and a beta of 1.07. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.80. The stock’s 50-day moving average price is $33.15 and its 200-day moving average price is $31.55. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLWGet Free Report) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 EPS. On average, sell-side analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 3.09%. Corning’s payout ratio is 157.75%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Barclays increased their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Finally, UBS Group raised their target price on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.00.

Read Our Latest Stock Analysis on GLW

Corning Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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