Wellington Management Group LLP Lowers Stock Holdings in Corning Incorporated (NYSE:GLW)

Wellington Management Group LLP trimmed its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 27.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,646,175 shares of the electronics maker's stock after selling 10,579,277 shares during the quarter. Wellington Management Group LLP owned about 3.34% of Corning worth $1,361,266,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. FMR LLC increased its stake in shares of Corning by 52.8% during the third 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 in the last quarter. CreativeOne Wealth LLC grew its stake in shares of Corning by 20.5% in the 3rd quarter. CreativeOne Wealth LLC now owns 9,944 shares of the electronics maker's stock worth $449,000 after buying an additional 1,689 shares during the last quarter. Public Sector Pension Investment Board increased its position in Corning by 13.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 27,824 shares of the electronics maker's stock valued at $1,256,000 after buying an additional 3,400 shares in the last quarter. Captrust Financial Advisors raised its stake in Corning by 6.4% during the third quarter. Captrust Financial Advisors now owns 100,289 shares of the electronics maker's stock valued at $4,528,000 after buying an additional 6,034 shares during the last quarter. Finally, Cobblestone Capital Advisors LLC NY boosted its holdings in Corning by 152.7% in the third quarter. Cobblestone Capital Advisors LLC NY now owns 13,474 shares of the electronics maker's stock worth $608,000 after acquiring an additional 8,142 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

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Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the company's stock in a transaction dated Thursday, January 30th. The stock was 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 Securities & Exchange Commission, which is available at this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Citigroup raised 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. Morgan Stanley upped their target price on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and raised their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, StockNews.com cut Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $54.31.

Corning Stock Performance

Shares of GLW stock traded down $3.21 on Friday, reaching $39.08. The stock had a trading volume of 11,892,123 shares, compared to its average volume of 5,835,744. The stock has a market cap of $33.48 billion, a P/E ratio of 67.37, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. 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 1 year low of $30.72 and a 1 year high of $55.33. The company has a 50 day simple moving average of $48.95 and a 200 day simple moving average of $47.93.

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.87%. 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.