Russell Investments Group Ltd. Sells 37,931 Shares of Corning Incorporated (NYSE:GLW)

Russell Investments Group Ltd. cut its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 6.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 594,559 shares of the electronics maker's stock after selling 37,931 shares during the quarter. Russell Investments Group Ltd. owned 0.07% of Corning worth $28,233,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of GLW. Sound Income Strategies LLC boosted its position in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC acquired a new stake in Corning in the fourth quarter worth $25,000. Asset Planning Inc bought a new stake in Corning in the fourth quarter valued at $29,000. Rosenberg Matthew Hamilton raised its holdings in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after purchasing an additional 500 shares during the period. Finally, Mainstream Capital Management LLC bought a new position in shares of Corning during the 4th quarter worth about $35,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

Corning stock traded up $0.94 during midday trading on Monday, reaching $42.20. 933,891 shares of the stock were exchanged, compared to its average volume of 6,303,660. The company's fifty day moving average is $47.57 and its 200-day moving average is $47.81. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The firm has a market cap of $36.16 billion, a PE ratio of 72.76, a PEG ratio of 1.50 and a beta of 1.03.

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Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.65%. The ex-dividend date was Friday, February 28th. Corning's dividend payout ratio (DPR) is currently 193.10%.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Bank of America upped their price target on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and increased their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Barclays lowered their price objective on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 29th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Finally, Morgan Stanley raised their price target on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Corning presently has a consensus rating of "Moderate Buy" and an average target price of $54.31.

Corning 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.