Vontobel Holding Ltd. Sells 830 Shares of Corning Incorporated (NYSE:GLW)

Vontobel Holding Ltd. cut its stake in Corning Incorporated (NYSE:GLW) by 1.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,170 shares of the electronics maker’s stock after selling 830 shares during the quarter. Vontobel Holding Ltd.’s holdings in Corning were worth $1,467,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Corning by 0.7% in the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after buying an additional 671,480 shares during the last quarter. State Street Corp lifted its position in Corning by 2.2% in the first quarter. State Street Corp now owns 31,601,045 shares of the electronics maker’s stock worth $1,114,880,000 after buying an additional 686,278 shares during the last quarter. Wellington Management Group LLP lifted its position in Corning by 7.7% in the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after buying an additional 2,055,388 shares during the last quarter. Morgan Stanley lifted its position in shares of Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after purchasing an additional 1,060,450 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after purchasing an additional 2,301,745 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.40% of the stock is owned by insiders.

Corning Stock Performance

Shares of Corning stock opened at $31.27 on Friday. The stock’s fifty day moving average price is $32.31 and its 200-day moving average price is $30.39. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The firm has a market cap of $26.75 billion, a P/E ratio of 46.67, a P/E/G ratio of 1.71 and a beta of 1.08.

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

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.58%. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GLW. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research report on Thursday, February 1st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. lifted their target price on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. UBS Group lifted their target price on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Finally, Barclays lifted their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Corning currently has a consensus rating of “Hold” and a consensus target price of $34.56.

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.