Handelsbanken Fonder AB Sells 87,523 Shares of Corning Incorporated (NYSE:GLW)

Handelsbanken Fonder AB reduced its position in shares of Corning Incorporated (NYSE:GLW) by 14.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 514,773 shares of the electronics maker’s stock after selling 87,523 shares during the quarter. Handelsbanken Fonder AB’s holdings in Corning were worth $15,675,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Natixis Advisors L.P. grew its stake in shares of Corning by 5.9% during the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after acquiring an additional 5,616 shares during the period. KMG Fiduciary Partners LLC bought a new position in shares of Corning during the 4th quarter valued at approximately $1,199,000. HB Wealth Management LLC grew its stake in shares of Corning by 24.2% during the 4th quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after acquiring an additional 1,926 shares during the period. SG Americas Securities LLC boosted 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 worth $3,300,000 after purchasing an additional 40,564 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Corning by 6.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after purchasing an additional 490,638 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.45% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GLW. UBS Group upped their price objective on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Morgan Stanley restated an “overweight” rating and set a $35.00 price target on shares of Corning in a research note on Monday. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research note on Thursday, February 1st. Finally, JPMorgan Chase & Co. raised their price target on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $34.78.

Corning Trading Down 0.1 %

Shares of NYSE:GLW opened at $31.53 on Wednesday. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The company has a market capitalization of $26.97 billion, a PE ratio of 47.06, a PEG ratio of 1.75 and a beta of 1.08. The business has a 50 day moving average of $32.31 and a two-hundred day moving average of $30.42. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

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

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is 167.16%.

About Corning

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.