Corning Incorporated (NYSE:GLW) Shares Sold by Motley Fool Asset Management LLC

Motley Fool Asset Management LLC decreased its position in shares of Corning Incorporated (NYSE:GLW) by 9.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,827 shares of the electronics maker’s stock after selling 1,436 shares during the period. Motley Fool Asset Management LLC’s holdings in Corning were worth $421,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in Corning by 7.7% in the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after purchasing an additional 2,055,388 shares during the last quarter. Morgan Stanley boosted its stake in shares of Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after buying an additional 1,060,450 shares during the period. Ameriprise Financial Inc. increased its position in Corning by 15.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares during the period. Northern Trust Corp raised its stake in Corning by 2.0% during the 3rd quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock valued at $366,856,000 after acquiring an additional 232,699 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Corning by 6.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after acquiring an additional 490,638 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $31.33 on Friday. The company has a market capitalization of $26.80 billion, a PE ratio of 46.76, a P/E/G ratio of 1.74 and a beta of 1.08. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a 50-day simple moving average of $32.28 and a 200-day simple moving average of $30.45. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter last year, the business posted $0.47 earnings per share. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. Equities research analysts predict that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.57%. Corning’s dividend payout ratio (DPR) is 167.16%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. Barclays boosted their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. upped their price objective on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, UBS Group increased their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $34.78.

Insiders Place Their Bets

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.40% of the stock is owned by corporate insiders.

About Corning

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.