Wellington Management Group LLP Reduces Holdings in Corning Incorporated (NYSE:GLW)

Wellington Management Group LLP trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 27.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 28,646,175 shares of the electronics maker’s stock after selling 10,579,277 shares during the quarter. Wellington Management Group LLP’s holdings in Corning were worth $1,361,266,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund grew its position in shares of Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock valued at $3,139,000 after acquiring an additional 204 shares during the period. Principal Securities Inc. lifted its position in Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after purchasing an additional 211 shares in the last quarter. Bogart Wealth LLC grew its holdings in Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after purchasing an additional 219 shares during the period. Buffington Mohr McNeal increased its position in Corning by 2.1% in the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after buying an additional 220 shares in the last quarter. Finally, Allworth Financial LP raised its stake in shares of Corning by 1.1% in the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after buying an additional 220 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of Corning stock opened at $45.91 on Monday. The firm has a market cap of $39.33 billion, a PE ratio of 79.16, a PEG ratio of 1.50 and a beta of 1.03. The stock has a 50 day moving average of $49.84 and a 200 day moving average of $47.95. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.44%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GLW shares. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, Barclays decreased their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

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.