Corning Incorporated (NYSE:GLW) Shares Sold by Tredje AP fonden

Tredje AP fonden cut its holdings in Corning Incorporated (NYSE:GLW) by 44.2% during the first quarter, Holdings Channel reports. The institutional investor owned 56,948 shares of the electronics maker’s stock after selling 45,138 shares during the quarter. Tredje AP fonden’s holdings in Corning were worth $2,284,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Squar Milner Financial Services LLC raised its position in Corning by 14.3% in the fourth quarter. Squar Milner Financial Services LLC now owns 2,781 shares of the electronics maker’s stock worth $80,000 after acquiring an additional 348 shares in the last quarter. Carret Asset Management LLC boosted its position in shares of Corning by 0.3% during the 4th quarter. Carret Asset Management LLC now owns 144,298 shares of the electronics maker’s stock worth $4,201,000 after purchasing an additional 400 shares in the last quarter. Klingenstein Fields & Co. LLC grew its stake in shares of Corning by 2.7% during the 4th quarter. Klingenstein Fields & Co. LLC now owns 16,431 shares of the electronics maker’s stock worth $478,000 after purchasing an additional 425 shares during the period. Whitnell & Co. increased its holdings in shares of Corning by 42.7% in the 4th quarter. Whitnell & Co. now owns 1,427 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 427 shares in the last quarter. Finally, Assetmark Inc. lifted its stake in shares of Corning by 15.1% in the fourth quarter. Assetmark Inc. now owns 3,493 shares of the electronics maker’s stock valued at $102,000 after purchasing an additional 459 shares during the period. 72.90% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE GLW traded up $0.06 during trading on Friday, reaching $21.38. The company had a trading volume of 3,871,905 shares, compared to its average volume of 4,736,629. The company has a current ratio of 2.18, a quick ratio of 1.44 and a debt-to-equity ratio of 0.78. Corning Incorporated has a twelve month low of $17.44 and a twelve month high of $34.26. The stock has a 50-day moving average price of $20.49 and a two-hundred day moving average price of $25.66. The stock has a market capitalization of $16.22 billion, a PE ratio of 66.81, a price-to-earnings-growth ratio of 11.13 and a beta of 1.09.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. Corning had a return on equity of 13.01% and a net margin of 3.29%. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter last year, the business posted $0.40 EPS. The firm’s quarterly revenue was down 15.0% compared to the same quarter last year. On average, sell-side analysts predict that Corning Incorporated will post 1.03 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 4.12%. Corning’s dividend payout ratio (DPR) is presently 50.00%.

Several research analysts have weighed in on GLW shares. Barclays cut shares of Corning from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $26.00 to $22.00 in a report on Wednesday, April 29th. Susquehanna Bancshares restated a “hold” rating and issued a $22.00 price target on shares of Corning in a report on Tuesday, April 28th. ValuEngine cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, March 3rd. TheStreet downgraded Corning from a “b-” rating to a “c+” rating in a research report on Monday, February 10th. Finally, Morgan Stanley dropped their price target on Corning from $26.00 to $24.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 7th. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Corning currently has a consensus rating of “Hold” and a consensus price target of $30.00.

Corning Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

Further Reading: What is a Swap?

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.