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

Wellington Management Group LLP lowered its position in shares of Corning Incorporated (NYSE:GLW) by 27.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,646,175 shares of the electronics maker’s stock after selling 10,579,277 shares during the period. Wellington Management Group LLP owned about 3.34% of Corning worth $1,361,266,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its holdings in shares of Corning by 0.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after purchasing an additional 204 shares during the period. Principal Securities Inc. lifted its holdings in Corning by 3.5% in the 4th quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock worth $293,000 after buying an additional 211 shares during the period. Bogart Wealth LLC grew its position in shares of Corning by 18.3% in the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after buying an additional 219 shares during the last quarter. Buffington Mohr McNeal increased its stake in shares of Corning by 2.1% during the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after buying an additional 220 shares during the period. Finally, Allworth Financial LP raised its holdings in shares of Corning by 1.1% during the fourth quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after acquiring an additional 220 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

GLW opened at $45.91 on Monday. The firm has a market cap of $39.33 billion, a PE ratio of 79.16, a P/E/G ratio of 1.50 and a beta of 1.03. The stock has a 50-day moving average price of $49.84 and a 200-day moving average price of $47.95. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Sell-side analysts predict 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 was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.44%. Corning’s dividend payout ratio is 193.10%.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s 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 directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on GLW. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Citigroup upped their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Barclays lowered their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.31.

About Corning

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.