Nilsine Partners LLC Sells 922 Shares of Corning Incorporated (NYSE:GLW)

Nilsine Partners LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 2.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 36,527 shares of the electronics maker’s stock after selling 922 shares during the period. Nilsine Partners LLC’s holdings in Corning were worth $1,672,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Vanguard Group Inc. raised its position in Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after purchasing an additional 916,528 shares during the last quarter. Geode Capital Management LLC raised its position in Corning by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after purchasing an additional 533,686 shares during the last quarter. Northern Trust Corp raised its position in Corning by 2.0% during the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock worth $516,560,000 after purchasing an additional 208,826 shares during the last quarter. Norges Bank bought a new position in Corning during the 4th quarter worth $490,933,000. Finally, Dimensional Fund Advisors LP raised its position in Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock worth $465,723,000 after purchasing an additional 78,497 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, SVP Stefan Becker sold 17,106 shares of the business’s stock in a transaction that occurred on 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Soumya Seetharam sold 6,505 shares of the business’s stock in a transaction that occurred on 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 owns 25,000 shares in the company, valued at $1,250,250. The trade was a 20.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,796 shares of company stock valued at $3,632,635. Corporate insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on GLW shares. Bank of America raised their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Oppenheimer lowered their price objective on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Citigroup dropped 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. Finally, JPMorgan Chase & Co. dropped their price objective on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $53.75.

Corning Stock Performance

Shares of Corning stock opened at $50.42 on Friday. Corning Incorporated has a one year low of $37.18 and a one year high of $55.33. The firm has a market capitalization of $43.18 billion, a price-to-earnings ratio of 96.96, a PEG ratio of 1.36 and a beta of 1.11. The business has a 50-day simple moving average of $47.08 and a 200 day simple moving average of $47.84. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same period in the previous year, the company posted $0.38 EPS. The firm’s revenue was up 12.9% compared to the same quarter last year. On average, research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Friday, May 30th. Corning’s payout ratio is 215.38%.

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.