Dimensional Fund Advisors LP lowered its holdings in Corning Incorporated (NYSE:GLW) by 0.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,042,803 shares of the electronics maker’s stock after selling 70,611 shares during the period. Dimensional Fund Advisors LP owned approximately 0.97% of Corning worth $224,233,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of GLW. Commerzbank Aktiengesellschaft FI boosted its holdings in Corning by 73.4% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 93,167 shares of the electronics maker’s stock valued at $2,980,000 after purchasing an additional 39,423 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new stake in shares of Corning during the 4th quarter worth approximately $1,405,000. BB&T Corp lifted its holdings in shares of Corning by 12.2% during the 4th quarter. BB&T Corp now owns 160,835 shares of the electronics maker’s stock worth $5,145,000 after acquiring an additional 17,437 shares during the period. TIAA FSB lifted its holdings in shares of Corning by 7.1% during the 4th quarter. TIAA FSB now owns 48,272 shares of the electronics maker’s stock worth $1,544,000 after acquiring an additional 3,197 shares during the period. Finally, LMR Partners LLP bought a new stake in shares of Corning during the 4th quarter worth approximately $715,000. 70.19% of the stock is owned by hedge funds and other institutional investors.
Shares of Corning opened at $28.89 on Friday, Marketbeat Ratings reports. The company has a market capitalization of $23.95 billion, a P/E ratio of 16.80, a P/E/G ratio of 4.19 and a beta of 1.34. The company has a quick ratio of 1.95, a current ratio of 2.56 and a debt-to-equity ratio of 0.39. Corning Incorporated has a one year low of $26.11 and a one year high of $35.10.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Thursday, May 3rd will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.49%. The ex-dividend date is Wednesday, May 2nd. Corning’s dividend payout ratio (DPR) is currently 41.86%.
In other Corning news, CEO Wendell P. Weeks sold 224,884 shares of the company’s stock in a transaction that occurred on Friday, June 8th. The shares were sold at an average price of $28.71, for a total value of $6,456,419.64. Following the completion of the transaction, the chief executive officer now directly owns 111,835 shares in the company, valued at approximately $3,210,782.85. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider David L. Morse sold 33,000 shares of the company’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $28.81, for a total transaction of $950,730.00. Following the completion of the transaction, the insider now owns 46,953 shares of the company’s stock, valued at $1,352,715.93. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company’s stock.
GLW has been the subject of a number of recent analyst reports. TheStreet downgraded shares of Corning from a “b-” rating to a “c+” rating in a report on Wednesday, February 28th. Citigroup cut their price target on shares of Corning from $35.00 to $32.00 and set a “neutral” rating for the company in a report on Friday, March 9th. Guggenheim reaffirmed a “buy” rating and set a $35.00 price target on shares of Corning in a report on Tuesday, April 24th. ValuEngine downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, April 24th. Finally, Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a report on Thursday, April 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Corning has a consensus rating of “Hold” and a consensus price target of $31.14.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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