Handelsbanken Fonder AB Sells 13,303 Shares of Corning Incorporated (NYSE:GLW)

Handelsbanken Fonder AB lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 390,194 shares of the electronics maker’s stock after selling 13,303 shares during the quarter. Handelsbanken Fonder AB’s holdings in Corning were worth $17,863,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Sierra Ocean LLC bought a new stake in shares of Corning in the 4th quarter worth $25,000. Asset Planning Inc bought a new stake in shares of Corning in the 4th quarter worth $29,000. Vermillion Wealth Management Inc. bought a new stake in shares of Corning in the 4th quarter worth $29,000. Putney Financial Group LLC bought a new stake in shares of Corning in the 4th quarter worth $30,000. Finally, Mainstream Capital Management LLC bought a new stake in shares of Corning in the 4th quarter worth $35,000. Institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.3%

GLW stock opened at $50.45 on Thursday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company’s 50 day moving average is $45.76 and its 200 day moving average is $47.74. The stock has a market cap of $43.21 billion, a price-to-earnings ratio of 86.98, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. Corning Incorporated has a 1-year low of $37.05 and a 1-year high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. Corning’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.38 earnings per share. Sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

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

Insider Buying and Selling at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Soumya Seetharam sold 14,313 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total transaction of $715,793.13. Following the transaction, the senior vice president now owns 31,505 shares in the company, valued at $1,575,565.05. The trade was a 31.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock worth $3,632,635 over the last ninety days. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GLW. Oppenheimer cut their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Citigroup cut their price target on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Mizuho set a $52.00 price objective on shares of Corning in a report on Tuesday, April 15th. Bank of America upped their price objective on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, March 19th. Finally, Wall Street Zen downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $53.08.

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.