Avanza Fonder AB Sells 1,270 Shares of Corning Incorporated (NYSE:GLW)

Avanza Fonder AB lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 1.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in GLW. Sierra Ocean LLC bought a new stake in Corning in the 4th quarter valued at $25,000. Asset Planning Inc acquired a new position in Corning in the 4th quarter valued at $29,000. Vermillion Wealth Management Inc. acquired a new position in Corning in the 4th quarter valued at $29,000. Putney Financial Group LLC acquired a new stake in shares of Corning during the 4th quarter worth $30,000. Finally, Mainstream Capital Management LLC acquired a new stake in shares of Corning during the 4th quarter worth $35,000. Institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In related news, SVP Soumya Seetharam sold 6,505 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $50.01, for a total transaction of $325,315.05. Following the sale, the senior vice president now owns 25,000 shares of the company’s stock, valued at approximately $1,250,250. This represents a 20.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the sale, the senior vice president now directly owns 16,117 shares in the company, valued at $800,692.56. This trade represents a 51.49% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Citigroup reduced their price objective on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Mizuho set a $52.00 target price on Corning in a research report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price objective on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Finally, Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Four 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.08.

Corning Trading Down 0.6%

Shares of Corning stock opened at $50.61 on Wednesday. The stock has a fifty day simple moving average of $45.53 and a 200 day simple moving average of $47.72. Corning Incorporated has a 12-month low of $36.61 and a 12-month high of $55.33. The company has a market capitalization of $43.35 billion, a P/E ratio of 87.26, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. 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 (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.38 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. 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 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.