Handelsbanken Fonder AB Sells 87,523 Shares of Corning Incorporated (NYSE:GLW)

Handelsbanken Fonder AB trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 14.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 514,773 shares of the electronics maker’s stock after selling 87,523 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.06% of Corning worth $15,675,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in shares of 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 last quarter. Morgan Stanley lifted its holdings in Corning by 5.1% in the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after buying an additional 1,060,450 shares during the period. Ameriprise Financial Inc. lifted its holdings in Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after buying an additional 2,301,745 shares during the period. Northern Trust Corp lifted its holdings in Corning by 2.0% in the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock valued at $366,856,000 after buying an additional 232,699 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Corning by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after buying an additional 490,638 shares during the period. 69.80% of the stock is owned by institutional investors.

Corning Stock Down 0.1 %

Corning stock opened at $31.53 on Wednesday. The company has a market cap of $26.97 billion, a P/E ratio of 47.06, a price-to-earnings-growth ratio of 1.75 and a beta of 1.08. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a fifty day simple moving average of $32.31 and a 200 day simple moving average of $30.42. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.47 earnings per share. Research analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GLW. Barclays increased their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. UBS Group increased their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 target price on shares of Corning in a report on Monday. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Corning has an average rating of “Hold” and an average price target of $34.78.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.45% of the company’s stock.

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.