Corning Incorporated (NYSE:GLW) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 1.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,678,819 shares of the electronics maker’s stock after selling 85,900 shares during the period. Primecap Management Co. CA owned approximately 1.02% of Corning worth $264,270,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Private Advisor Group LLC increased its holdings in Corning by 9.8% in the 3rd quarter. Private Advisor Group LLC now owns 106,164 shares of the electronics maker’s stock valued at $3,220,000 after purchasing an additional 9,503 shares in the last quarter. Corient Private Wealth LLC increased its holdings in Corning by 32.3% in the 3rd quarter. Corient Private Wealth LLC now owns 504,817 shares of the electronics maker’s stock valued at $15,390,000 after purchasing an additional 123,356 shares in the last quarter. NBC Securities Inc. purchased a new position in Corning in the 3rd quarter valued at about $342,000. Pinnacle Financial Partners Inc boosted its position in Corning by 5,262.1% in the 3rd quarter. Pinnacle Financial Partners Inc now owns 7,078 shares of the electronics maker’s stock valued at $216,000 after buying an additional 6,946 shares during the last quarter. Finally, Empower Advisory Group LLC boosted its position in Corning by 181.4% in the 3rd quarter. Empower Advisory Group LLC now owns 24,438 shares of the electronics maker’s stock valued at $745,000 after buying an additional 15,754 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Insiders have sold 239,841 shares of company stock valued at $7,971,257 over the last quarter. Insiders own 0.40% of the company’s stock.

Corning Stock Performance

NYSE GLW traded up $0.16 during trading hours on Friday, reaching $36.28. The company’s stock had a trading volume of 2,763,482 shares, compared to its average volume of 5,517,983. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The business has a 50-day simple moving average of $33.07 and a 200 day simple moving average of $31.45. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.80. The stock has a market cap of $31.08 billion, a PE ratio of 51.10, a PEG ratio of 1.64 and a beta of 1.07.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter last year, the company posted $0.41 earnings per share. Corning’s revenue was down 11.5% on a year-over-year basis. Equities research analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 3.09%. Corning’s dividend payout ratio is currently 157.75%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Morgan Stanley reissued an “overweight” rating and issued a $35.00 price objective on shares of Corning in a research report on Monday, April 22nd. UBS Group upped their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Barclays upped their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. Susquehanna reissued a “positive” rating and issued a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. Finally, Mizuho assumed coverage on shares of Corning in a research report on Tuesday, May 7th. They set a “neutral” rating and a $36.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Corning currently has a consensus rating of “Hold” and a consensus price target of $35.00.

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.