Figure 8 Investment Strategies LLC Sells 9,830 Shares of Corning Incorporated (NYSE:GLW)

Figure 8 Investment Strategies LLC decreased its holdings in Corning Incorporated (NYSE:GLW) by 19.0% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 41,915 shares of the electronics maker’s stock after selling 9,830 shares during the period. Corning makes up about 2.0% of Figure 8 Investment Strategies LLC’s holdings, making the stock its 20th biggest holding. Figure 8 Investment Strategies LLC’s holdings in Corning were worth $1,919,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new stake in Corning during the 4th quarter valued at $490,933,000. Polar Capital Holdings Plc bought a new position in Corning in the 4th quarter worth $124,253,000. Amundi raised its holdings in Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after purchasing an additional 2,268,436 shares in the last quarter. Mariner LLC raised its holdings in Corning by 134.0% in the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker’s stock worth $183,867,000 after purchasing an additional 2,215,840 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Corning in the 4th quarter worth $92,522,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In other Corning news, SVP Stefan Becker sold 17,106 shares of the firm’s stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the sale, the senior vice president now owns 16,117 shares in the company, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.32% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Mizuho set a $52.00 price target on shares of Corning in a research note on Tuesday, April 15th. Wall Street Zen lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Oppenheimer decreased their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. JPMorgan Chase & Co. decreased their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Finally, Bank of America increased their price target 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. 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. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.75.

Corning Stock Performance

Shares of NYSE GLW opened at $50.42 on Monday. The firm’s 50-day moving average price is $47.08 and its 200-day moving average price is $47.82. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The company has a market cap of $43.18 billion, a PE ratio of 96.96, a PEG ratio of 1.36 and a beta of 1.11. Corning Incorporated has a 52-week low of $37.18 and a 52-week high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 EPS. As a group, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current 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 issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Friday, May 30th. Corning’s payout ratio is 215.38%.

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.