Corning Incorporated (NYSE:GLW) Shares Sold by Kwmg LLC

Kwmg LLC reduced its stake in Corning Incorporated (NYSE:GLW) by 1.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 135,169 shares of the electronics maker’s stock after selling 1,956 shares during the period. Kwmg LLC’s holdings in Corning were worth $6,188,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in GLW. Tallon Kerry Patrick acquired a new position in Corning during the 4th quarter valued at approximately $302,000. Van ECK Associates Corp grew its position in shares of Corning by 343.6% during the fourth quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker’s stock worth $5,433,000 after acquiring an additional 88,558 shares during the last quarter. LMR Partners LLP increased its holdings in shares of Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker’s stock worth $57,045,000 after acquiring an additional 700,442 shares during the period. Assetmark Inc. lifted its position in Corning by 101.5% in the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker’s stock valued at $51,000 after purchasing an additional 542 shares during the last quarter. Finally, Gotham Asset Management LLC bought a new stake in Corning in the 4th quarter valued at about $306,000. 69.80% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several brokerages have commented on GLW. Oppenheimer dropped their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. JPMorgan Chase & Co. lowered their target price on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Bank of America boosted their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Mizuho set a $52.00 price target on Corning in a research note on Tuesday, April 15th. Finally, Wall Street Zen downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target of $53.08.

Corning Price Performance

Shares of NYSE GLW opened at $50.03 on Tuesday. Corning Incorporated has a twelve month low of $36.58 and a twelve month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average of $44.89 and a two-hundred day moving average of $47.57. The company has a market capitalization of $42.85 billion, a price-to-earnings ratio of 86.26, a PEG ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate 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 quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.38 earnings per share. As a group, analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.24%. The ex-dividend date is Friday, May 30th. Corning’s dividend payout ratio is currently 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.