American International Group Inc. Decreases Position in Corning Incorporated (NYSE:GLW)

American International Group Inc. cut its stake in shares of Corning Incorporated (NYSE:GLW) by 0.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 207,860 shares of the electronics maker’s stock after selling 1,780 shares during the period. American International Group Inc.’s holdings in Corning were worth $6,329,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Wellington Management Group LLP raised its position in Corning by 7.7% during the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after purchasing an additional 2,055,388 shares during the period. Morgan Stanley raised its position in Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after purchasing an additional 1,060,450 shares during the period. Ameriprise Financial Inc. raised its position in Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after purchasing an additional 2,301,745 shares during the period. Northern Trust Corp raised its holdings in shares of Corning by 2.0% in the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock worth $366,856,000 after buying an additional 232,699 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Corning by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock worth $296,054,000 after purchasing an additional 146,807 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In other news, VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now owns 65,598 shares in the company, valued at $2,210,652.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now owns 65,598 shares in the company, valued at $2,210,652.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 175,207 shares of company stock worth $5,876,067. 0.40% of the stock is currently owned by insiders.

Corning Trading Down 0.8 %

NYSE:GLW opened at $39.88 on Friday. The company has a market capitalization of $34.16 billion, a P/E ratio of 56.17, a PEG ratio of 1.83 and a beta of 1.08. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $40.45. The firm has a fifty day simple moving average of $35.00 and a 200-day simple moving average of $32.68.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the business posted $0.41 EPS. On average, equities research analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 2.81%. Corning’s payout ratio is presently 157.75%.

Analyst Upgrades and Downgrades

Several research analysts have commented on GLW shares. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Mizuho increased their target price on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday. Susquehanna reaffirmed a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Bank of America increased their target price on Corning from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Finally, UBS Group increased their target price on Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $37.92.

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.