ING Groep NV Decreases Stock Position in Corning Incorporated (NYSE:GLW)

ING Groep NV reduced its position in Corning Incorporated (NYSE:GLW) by 2.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 50,873 shares of the electronics maker’s stock after selling 1,112 shares during the period. ING Groep NV’s holdings in Corning were worth $2,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in GLW. Norges Bank purchased a new stake in Corning in the fourth quarter worth $280,667,000. BlackRock Inc. grew its position in shares of Corning by 4.3% in the first quarter. BlackRock Inc. now owns 54,104,194 shares of the electronics maker’s stock valued at $2,354,075,000 after purchasing an additional 2,216,672 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of Corning by 259.4% in the first quarter. Envestnet Asset Management Inc. now owns 1,575,660 shares of the electronics maker’s stock valued at $68,557,000 after purchasing an additional 1,137,253 shares in the last quarter. KBC Group NV grew its position in shares of Corning by 331.3% in the fourth quarter. KBC Group NV now owns 1,464,415 shares of the electronics maker’s stock valued at $52,718,000 after purchasing an additional 1,124,877 shares in the last quarter. Finally, Bowen Hanes & Co. Inc. grew its position in shares of Corning by 805.1% in the fourth quarter. Bowen Hanes & Co. Inc. now owns 1,194,259 shares of the electronics maker’s stock valued at $42,993,000 after purchasing an additional 1,062,315 shares in the last quarter. 67.23% of the stock is owned by institutional investors and hedge funds.

In other Corning news, Director Roger W. Jr. Ferguson purchased 1,410 shares of Corning stock in a transaction that occurred on Thursday, June 3rd. The shares were bought at an average price of $42.50 per share, for a total transaction of $59,925.00. Following the acquisition, the director now directly owns 5,518 shares in the company, valued at $234,515. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Display Co. Ltd. Samsung sold 35,000,000 shares of the business’s stock in a transaction dated Thursday, April 8th. The shares were sold at an average price of $43.49, for a total value of $1,522,150,000.00. Following the transaction, the insider now owns 115,000,000 shares in the company, valued at approximately $5,001,350,000. The disclosure for this sale can be found here. In the last three months, insiders bought 4,133 shares of company stock valued at $179,905 and sold 70,360,257 shares valued at $3,060,336,575. Insiders own 0.48% of the company’s stock.

Several equities analysts have recently weighed in on the company. Argus lifted their price target on Corning from $42.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, April 7th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, April 20th. Morgan Stanley lifted their price objective on Corning from $37.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 28th. Finally, JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and set a $55.00 price objective for the company in a research note on Monday, April 19th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $42.80.

Shares of GLW stock opened at $43.04 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.63 and a current ratio of 2.31. The business’s 50-day moving average price is $44.42. Corning Incorporated has a 12-month low of $25.10 and a 12-month high of $46.82. The company has a market capitalization of $36.64 billion, a price-to-earnings ratio of 33.11, a P/E/G ratio of 1.14 and a beta of 1.16.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 27th. The electronics maker reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. Corning had a return on equity of 13.66% and a net margin of 9.89%. The company had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.11 billion. During the same quarter in the previous year, the company posted $0.20 EPS. Corning’s revenue for the quarter was up 37.6% on a year-over-year basis. On average, equities analysts expect that Corning Incorporated will post 2.11 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 29th. Stockholders of record on Friday, May 28th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Thursday, May 27th. Corning’s dividend payout ratio (DPR) is presently 69.06%.

About Corning

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

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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