Mutual of America Capital Management LLC Sells 2,524 Shares of Corning Incorporated (NYSE:GLW)

Mutual of America Capital Management LLC reduced its stake in Corning Incorporated (NYSE:GLW) by 2.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 92,183 shares of the electronics maker’s stock after selling 2,524 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Corning were worth $4,381,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. FMR LLC lifted its position in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares in the last quarter. State Street Corp increased its holdings in Corning by 3.8% in the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after acquiring an additional 1,145,955 shares during the period. Nisa Investment Advisors LLC lifted its holdings in Corning by 223.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 856,878 shares of the electronics maker’s stock valued at $40,719,000 after purchasing an additional 592,187 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Corning by 29.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,468,787 shares of the electronics maker’s stock worth $69,797,000 after purchasing an additional 329,893 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred 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 filing with the SEC, which is accessible through this link. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was 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.

Corning Trading Down 3.6 %

GLW stock opened at $46.50 on Wednesday. The firm has a fifty day moving average price of $50.16 and a 200 day moving average price of $47.26. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The firm has a market cap of $39.83 billion, a PE ratio of 80.17, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates 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 anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.41%. Corning’s payout ratio is currently 193.10%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on GLW shares. 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 target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Citigroup boosted their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average target price of $53.00.

Corning Company 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.