Ethic Inc. Sells 6,903 Shares of Corning Incorporated (NYSE:GLW)

Ethic Inc. reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 4.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 147,662 shares of the electronics maker’s stock after selling 6,903 shares during the quarter. Ethic Inc.’s holdings in Corning were worth $7,017,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew 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 last quarter. Geode Capital Management LLC boosted its stake in shares of Corning by 3.0% during 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 purchasing an additional 533,686 shares during the period. Northern Trust Corp grew 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 worth $516,560,000 after purchasing an additional 208,826 shares during the last quarter. Norges Bank purchased a new position in shares of Corning in the fourth quarter worth $490,933,000. Finally, Dimensional Fund Advisors LP raised its holdings in Corning by 0.8% during the 4th 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 last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the topic of a number of analyst reports. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Citigroup reduced their price target on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. HSBC raised Corning from a “hold” rating to a “buy” rating and boosted their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.08.

Corning Stock Up 0.1 %

Shares of Corning stock opened at $45.08 on Friday. Corning Incorporated has a 1 year low of $34.08 and a 1 year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a 50-day moving average of $44.42 and a 200 day moving average of $47.49. The firm has a market cap of $38.61 billion, a price-to-earnings ratio of 77.73, a PEG ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. During the same period in the previous year, the firm posted $0.38 EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.48%. Corning’s dividend payout ratio is currently 215.38%.

Insider Activity

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.40% of the company’s stock.

Corning Company 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.