Corning Incorporated (NYSE:GLW) Shares Sold by Skandinaviska Enskilda Banken AB publ

Skandinaviska Enskilda Banken AB publ reduced its position in shares of Corning Incorporated (NYSE:GLW) by 7.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 178,370 shares of the electronics maker’s stock after selling 13,699 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Corning were worth $8,166,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vermillion Wealth Management Inc. acquired a new stake in Corning in the fourth quarter worth $29,000. Putney Financial Group LLC acquired a new stake in Corning in the fourth quarter worth $30,000. Transce3nd LLC acquired a new stake in Corning in the fourth quarter worth $39,000. ORG Partners LLC increased its position in Corning by 115.8% in the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock worth $40,000 after buying an additional 476 shares during the period. Finally, Dunhill Financial LLC increased its position in Corning by 77.1% in the fourth quarter. Dunhill Financial LLC now owns 905 shares of the electronics maker’s stock worth $43,000 after buying an additional 394 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 0.6%

Shares of GLW stock opened at $55.37 on Friday. The stock has a 50-day simple moving average of $51.45 and a 200 day simple moving average of $48.71. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $56.25. The stock has a market capitalization of $47.42 billion, a P/E ratio of 106.47, a P/E/G ratio of 1.49 and a beta of 1.11. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $3.63 billion. During the same quarter last year, the business posted $0.38 earnings per share. The company’s quarterly revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts expect 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 Monday, September 29th. Investors of record on Friday, August 29th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.02%. Corning’s dividend payout ratio is currently 215.38%.

Insider Buying and Selling at Corning

In related news, SVP Soumya Seetharam sold 14,313 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the completion of the transaction, the senior vice president owned 31,505 shares of the company’s stock, valued at $1,575,565.05. This trade represents a 31.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,796 shares of company stock valued at $3,632,635. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Oppenheimer dropped their target price on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Morgan Stanley increased their target price on Corning from $44.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 8th. UBS Group increased their target price on Corning from $54.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 9th. Wolfe Research initiated coverage on Corning in a research report on Tuesday, July 8th. They issued an “outperform” rating on the stock. Finally, JPMorgan Chase & Co. raised their price target on Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Friday. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $57.73.

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.