First Trust Direct Indexing L.P. Cuts Position in Corning Incorporated (NYSE:GLW)

First Trust Direct Indexing L.P. lowered its position in Corning Incorporated (NYSE:GLW) by 8.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,845 shares of the electronics maker’s stock after selling 811 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Corning were worth $269,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Mission Wealth Management LP raised its holdings in shares of Corning by 10.6% in the 4th quarter. Mission Wealth Management LP now owns 14,398 shares of the electronics maker’s stock valued at $438,000 after purchasing an additional 1,382 shares in the last quarter. Van ECK Associates Corp raised its stake in Corning by 26.4% in the fourth quarter. Van ECK Associates Corp now owns 121,662 shares of the electronics maker’s stock valued at $3,704,000 after buying an additional 25,408 shares in the last quarter. Little House Capital LLC purchased a new stake in Corning during the 4th quarter worth about $200,000. Intact Investment Management Inc. boosted its position in shares of Corning by 56.2% during the 4th quarter. Intact Investment Management Inc. now owns 189,100 shares of the electronics maker’s stock worth $5,758,000 after acquiring an additional 68,000 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Corning by 6.3% during the 4th quarter. Russell Investments Group Ltd. now owns 256,807 shares of the electronics maker’s stock worth $7,837,000 after acquiring an additional 15,283 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity at Corning

In other news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Corning news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at $379,484.10. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the transaction, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The disclosure for this sale can be found here. Insiders sold a total of 239,841 shares of company stock worth $7,971,257 over the last 90 days. Company insiders own 0.45% of the company’s stock.

Corning Stock Down 0.0 %

GLW opened at $33.43 on Wednesday. The business has a 50 day moving average price of $32.40 and a two-hundred day moving average price of $30.74. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a market cap of $28.64 billion, a PE ratio of 47.08, a P/E/G ratio of 1.70 and a beta of 1.07. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same period last year, the company earned $0.41 earnings per share. As a group, research analysts anticipate that Corning Incorporated will post 1.9 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Thursday, May 30th. This represents a $1.12 annualized dividend and a yield of 3.35%. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

GLW has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Barclays boosted their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. UBS Group boosted their price target on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, Susquehanna reiterated a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Corning currently has an average rating of “Hold” and a consensus price target of $35.00.

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.