Allspring Global Investments Holdings LLC Trims Stock Holdings in Corning Incorporated (NYSE:GLW)

Allspring Global Investments Holdings LLC trimmed its holdings in Corning Incorporated (NYSE:GLW) by 15.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 37,915 shares of the electronics maker’s stock after selling 6,843 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Corning were worth $1,155,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Natixis Advisors L.P. grew its stake in Corning by 5.9% in the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after purchasing an additional 5,616 shares in the last quarter. KMG Fiduciary Partners LLC bought a new position in Corning in the fourth quarter worth approximately $1,199,000. HB Wealth Management LLC grew its stake in Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after purchasing an additional 1,926 shares in the last quarter. SG Americas Securities LLC grew its stake in Corning by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after purchasing an additional 40,564 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Corning by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after purchasing an additional 490,638 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Susquehanna reissued a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. UBS Group increased their target price on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Barclays increased their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. Finally, StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corning has an average rating of “Hold” and an average price target of $34.78.

Corning Stock Down 0.1 %

Corning stock opened at $31.53 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The stock has a market capitalization of $26.97 billion, a price-to-earnings ratio of 47.06, a PEG ratio of 1.73 and a beta of 1.08. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The business has a fifty day moving average price of $32.31 and a 200-day moving average price of $30.42.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.47 EPS. Equities research analysts forecast that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.55%. Corning’s payout ratio is 167.16%.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.45% of the stock is currently owned by company insiders.

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.