Corning Incorporated (NYSE:GLW) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. cut its holdings in Corning Incorporated (NYSE:GLW) by 1.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 13,483,371 shares of the electronics maker’s stock after selling 184,401 shares during the period. Ameriprise Financial Inc.’s holdings in Corning were worth $641,187,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in GLW. Vanguard Group Inc. grew its position in shares of Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock valued at $4,747,402,000 after purchasing an additional 916,528 shares during the period. Geode Capital Management LLC grew its holdings in Corning by 3.0% in the 4th 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 increased its stake in shares of Corning by 2.0% during the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock valued at $516,560,000 after acquiring an additional 208,826 shares during the last quarter. Norges Bank acquired a new position in shares of Corning during the 4th quarter valued at about $490,933,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock worth $465,723,000 after acquiring an additional 78,497 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.40% of the stock is owned by insiders.

Corning Stock Up 2.2 %

Shares of NYSE:GLW opened at $45.76 on Monday. The company has a 50 day moving average of $44.79 and a two-hundred day moving average of $47.56. Corning Incorporated has a 52-week low of $32.92 and a 52-week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $39.21 billion, a price-to-earnings ratio of 78.90, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09.

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

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Friday, May 30th. Corning’s dividend payout ratio is currently 215.38%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Citigroup dropped their price target on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. JPMorgan Chase & Co. reduced their target price on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Oppenheimer decreased 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 equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $53.08.

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.