Principal Financial Group Inc. cut its stake in shares of Corning Incorporated (NYSE:GLW) by 0.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,310,316 shares of the electronics maker’s stock after selling 11,282 shares during the period. Principal Financial Group Inc. owned approximately 0.14% of Corning worth $35,379,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in GLW. Davis R M Inc. increased its stake in Corning by 0.3% in the first quarter. Davis R M Inc. now owns 9,482 shares of the electronics maker’s stock valued at $256,000 after buying an additional 32 shares in the last quarter. Peapack Gladstone Financial Corp increased its stake in Corning by 1.1% in the first quarter. Peapack Gladstone Financial Corp now owns 17,749 shares of the electronics maker’s stock valued at $479,000 after buying an additional 195 shares in the last quarter. Smith Moore & CO. increased its stake in Corning by 1.8% in the first quarter. Smith Moore & CO. now owns 11,450 shares of the electronics maker’s stock valued at $309,000 after buying an additional 200 shares in the last quarter. Ronald Blue & Co. LLC increased its stake in Corning by 2.1% in the first quarter. Ronald Blue & Co. LLC now owns 10,573 shares of the electronics maker’s stock valued at $286,000 after buying an additional 221 shares in the last quarter. Finally, Ifrah Financial Services Inc. increased its stake in Corning by 2.1% in the first quarter. Ifrah Financial Services Inc. now owns 16,334 shares of the electronics maker’s stock valued at $441,000 after buying an additional 341 shares in the last quarter. 72.75% of the stock is currently owned by institutional investors and hedge funds.

Corning Incorporated (GLW) traded down 0.10% during trading on Friday, reaching $29.25. The company’s stock had a trading volume of 4,878,688 shares. The firm has a market capitalization of $26.42 billion, a P/E ratio of 13.06 and a beta of 1.40. The firm has a 50-day moving average price of $30.34 and a 200-day moving average price of $28.34. Corning Incorporated has a 52 week low of $22.07 and a 52 week high of $32.17.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The company had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.37 earnings per share. On average, equities analysts anticipate that Corning Incorporated will post $1.71 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be issued a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a dividend yield of 2.12%. Corning’s dividend payout ratio is currently 27.93%.

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Several brokerages have weighed in on GLW. BidaskClub downgraded Corning from a “strong-buy” rating to a “buy” rating in a report on Monday. Stifel Nicolaus restated a “hold” rating and set a $26.00 price target on shares of Corning in a report on Wednesday, April 12th. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and issued a $29.00 price objective on shares of Corning in a report on Wednesday, April 26th. Drexel Hamilton reiterated a “sell” rating and issued a $17.50 price objective on shares of Corning in a report on Wednesday, July 26th. Finally, Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a report on Thursday, April 27th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $27.81.

In other Corning news, insider James P. Clappin sold 106,983 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the sale, the insider now directly owns 91,552 shares of the company’s stock, valued at approximately $2,677,896. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Clark S. Kinlin sold 40,717 shares of the business’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the sale, the insider now directly owns 72,707 shares in the company, valued at $2,153,581.34. The disclosure for this sale can be found here. Insiders sold 393,122 shares of company stock worth $11,547,457 in the last ninety days. 0.59% of the stock is owned by corporate insiders.

About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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