Mirae Asset Global Investments Co. Ltd. Sells 25,130 Shares of Corning Incorporated (NYSE:GLW)

Mirae Asset Global Investments Co. Ltd. lessened its holdings in Corning Incorporated (NYSE:GLW) by 23.8% in the first quarter, Holdings Channel reports. The institutional investor owned 80,438 shares of the electronics maker’s stock after selling 25,130 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Corning were worth $3,689,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in GLW. Vermillion Wealth Management Inc. bought a new stake in shares of Corning in the 4th quarter valued at about $29,000. Putney Financial Group LLC acquired a new position in shares of Corning in the fourth quarter worth approximately $30,000. Mainstream Capital Management LLC bought a new stake in Corning in the fourth quarter valued at approximately $35,000. Transce3nd LLC acquired a new stake in Corning during the 4th quarter valued at approximately $39,000. Finally, ORG Partners LLC increased its position in Corning by 115.8% during the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock valued at $40,000 after purchasing an additional 476 shares during the period. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on GLW shares. Bank of America boosted their price target on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Mizuho set a $52.00 price target on shares of Corning in a research report on Tuesday, April 15th. Oppenheimer decreased their price target on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Citigroup dropped their price objective on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, JPMorgan Chase & Co. decreased their target price on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $53.75.

Insider Buying and Selling

In other news, SVP Stefan Becker sold 17,106 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the sale, the senior vice president directly owned 16,117 shares of the company’s stock, valued at $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Soumya Seetharam sold 6,505 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $50.01, for a total value of $325,315.05. Following the transaction, the senior vice president directly owned 25,000 shares in the company, valued at approximately $1,250,250. The trade was a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock worth $3,632,635 over the last ninety days. Insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of Corning stock opened at $52.73 on Thursday. The business has a 50-day simple moving average of $48.74 and a 200 day simple moving average of $48.01. Corning Incorporated has a one year low of $37.18 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. The firm has a market capitalization of $45.16 billion, a price-to-earnings ratio of 101.40, a PEG ratio of 1.42 and a beta of 1.11.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company’s quarterly revenue was up 12.9% on a year-over-year basis. On average, research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s payout ratio is presently 215.38%.

Corning Company 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.