Principal Financial Group Inc. lessened its holdings in Corning Incorporated (NYSE:GLW) by 1.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,192,716 shares of the electronics maker’s stock after selling 18,272 shares during the period. Principal Financial Group Inc.’s holdings in Corning were worth $36,032,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Vectors Research Management LLC grew its holdings in Corning by 16.5% during the 4th quarter. Vectors Research Management LLC now owns 2,120 shares of the electronics maker’s stock valued at $64,000 after buying an additional 300 shares in the last quarter. OLD Dominion Capital Management Inc. grew its holdings in Corning by 1.3% during the 4th quarter. OLD Dominion Capital Management Inc. now owns 24,928 shares of the electronics maker’s stock valued at $753,000 after buying an additional 324 shares in the last quarter. Huntington National Bank grew its holdings in Corning by 1.5% during the 4th quarter. Huntington National Bank now owns 23,045 shares of the electronics maker’s stock valued at $696,000 after buying an additional 334 shares in the last quarter. Clifford Swan Investment Counsel LLC grew its holdings in Corning by 3.9% during the 4th quarter. Clifford Swan Investment Counsel LLC now owns 8,938 shares of the electronics maker’s stock valued at $270,000 after buying an additional 338 shares in the last quarter. Finally, Scotia Capital Inc. grew its holdings in Corning by 0.4% during the 4th quarter. Scotia Capital Inc. now owns 83,258 shares of the electronics maker’s stock valued at $2,515,000 after buying an additional 343 shares in the last quarter. Hedge funds and other institutional investors own 71.94% of the company’s stock.

A number of equities research analysts have issued reports on the stock. Zacks Investment Research lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Thursday, December 6th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, January 29th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $35.50.

In related news, CEO Wendell P. Weeks sold 223,379 shares of the firm’s stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $33.77, for a total value of $7,543,508.83. Following the completion of the transaction, the chief executive officer now directly owns 114,943 shares of the company’s stock, valued at $3,881,625.11. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP David L. Morse sold 36,664 shares of the firm’s stock in a transaction on Monday, February 25th. The shares were sold at an average price of $35.00, for a total transaction of $1,283,240.00. Following the completion of the transaction, the vice president now directly owns 47,527 shares of the company’s stock, valued at $1,663,445. The disclosure for this sale can be found here. Over the last three months, insiders sold 328,767 shares of company stock valued at $11,162,588. 0.46% of the stock is currently owned by insiders.

GLW stock opened at $33.83 on Monday. Corning Incorporated has a fifty-two week low of $26.11 and a fifty-two week high of $36.56. The company has a quick ratio of 1.51, a current ratio of 2.12 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $26.62 billion, a P/E ratio of 19.01, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Corning had a net margin of 9.44% and a return on equity of 14.21%. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.02 billion. During the same period last year, the firm posted $0.49 earnings per share. Corning’s revenue for the quarter was up 15.1% compared to the same quarter last year. Analysts predict that Corning Incorporated will post 2 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, February 28th will be issued a $0.20 dividend. The ex-dividend date is Wednesday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.36%. Corning’s dividend payout ratio (DPR) is 44.94%.

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About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

Read More: Retained Earnings

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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