Sei Investments Co. Has $8.41 Million Holdings in Corning Incorporated (NYSE:GLW)

Sei Investments Co. lessened its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 29.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 176,877 shares of the electronics maker's stock after selling 75,126 shares during the period. Sei Investments Co.'s holdings in Corning were worth $8,406,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Wellington Management Group LLP boosted its position in shares of Corning by 0.3% in the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock valued at $1,771,029,000 after purchasing an additional 133,214 shares during the period. State Street Corp lifted its position in shares of Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock valued at $1,534,337,000 after acquiring an additional 1,242,718 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Corning by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker's stock worth $234,653,000 after purchasing an additional 84,905 shares during the period. Amundi grew its position in Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after purchasing an additional 2,268,436 shares in the last quarter. Finally, FMR LLC raised its stake in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. 69.80% of the stock is owned by institutional investors.

Remove Ads

Insider Transactions at Corning

In other Corning news, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction 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 $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Alan Bell sold 2,209 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

GLW has been the topic of a number of research analyst reports. StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. HSBC upgraded Corning from a "hold" rating to a "buy" rating and upped their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Citigroup upped their price objective on shares of Corning from $55.00 to $58.00 and gave the company a "buy" rating in a research note on Tuesday, January 21st. Finally, Bank of America lifted their target price on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and a consensus target price of $54.31.

Corning Stock Down 0.6 %

Shares of GLW traded down $0.26 during trading hours on Tuesday, hitting $45.53. 6,079,513 shares of the company were exchanged, compared to its average volume of 5,767,062. The firm's 50 day moving average is $49.76 and its 200-day moving average is $47.98. 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 company has a market cap of $39.00 billion, a PE ratio of 78.49, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.46%. The ex-dividend date was Friday, February 28th. Corning's dividend payout ratio is currently 193.10%.

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.