Avanza Fonder AB Decreases Stake in Corning Incorporated (NYSE:GLW)

Avanza Fonder AB cut its stake in shares of Corning Incorporated (NYSE:GLW) by 1.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 80,819 shares of the electronics maker’s stock after selling 1,270 shares during the period. Avanza Fonder AB’s holdings in Corning were worth $3,761,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in GLW. Sierra Ocean LLC purchased a new position in Corning in the fourth quarter worth approximately $25,000. Asset Planning Inc acquired a new stake in Corning in the 4th quarter valued at about $29,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Corning during the 4th quarter worth about $29,000. Putney Financial Group LLC purchased a new position in shares of Corning during the 4th quarter worth about $30,000. Finally, Mainstream Capital Management LLC purchased a new position in Corning in the fourth quarter valued at approximately $35,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Soumya Seetharam sold 6,505 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total value of $325,315.05. Following the transaction, the senior vice president now owns 25,000 shares of the company’s stock, valued at $1,250,250. This represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on GLW. Oppenheimer dropped their price objective on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Citigroup reduced their price target on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. cut their price objective on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. Finally, Bank of America upped their price target on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $53.08.

Corning Trading Down 0.6%

NYSE:GLW opened at $50.61 on Wednesday. The stock’s 50 day moving average price is $45.53 and its 200 day moving average price is $47.72. Corning Incorporated has a 52 week low of $36.61 and a 52 week high of $55.33. The company has a market capitalization of $43.35 billion, a P/E ratio of 87.26, a P/E/G ratio of 1.50 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (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 during the quarter, compared to analysts’ expectations of $3.63 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. On average, research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.21%. Corning’s dividend payout ratio is 215.38%.

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.