Corning Incorporated (NYSE:GLW) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 50.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 54,149 shares of the electronics maker’s stock after selling 54,954 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Corning were worth $2,466,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after acquiring an additional 916,528 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Corning by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock valued at $875,633,000 after buying an additional 533,686 shares during the period. Northern Trust Corp lifted its holdings in shares of Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock valued at $516,560,000 after buying an additional 208,826 shares during the period. Norges Bank acquired a new stake in shares of Corning in the fourth quarter valued at $490,933,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock valued at $465,723,000 after buying an additional 78,497 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 0.7%

NYSE:GLW opened at $53.09 on Monday. The firm has a market capitalization of $45.47 billion, a price-to-earnings ratio of 102.10, a PEG ratio of 1.43 and a beta of 1.11. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The business’s fifty day moving average price is $49.10 and its 200 day moving average price is $48.10.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the prior year, the firm posted $0.38 EPS. The business’s revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s payout ratio is currently 215.38%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on GLW shares. Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. reduced their target price on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Citigroup reduced their target price on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. Mizuho set a $52.00 target price on Corning in a report on Tuesday, April 15th. Finally, Oppenheimer reduced their target price on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $53.75.

Insider Buying and Selling

In other Corning news, SVP Stefan Becker sold 17,106 shares of the company’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the transaction, the senior vice president directly owned 16,117 shares of the company’s stock, valued at $800,692.56. This represents a 51.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,796 shares of company stock worth $3,632,635. Insiders own 0.32% of the company’s stock.

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.