Mutual of America Capital Management LLC Has $4.28 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Mutual of America Capital Management LLC trimmed its holdings in Corning Incorporated (NYSE:GLW) by 2.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,707 shares of the electronics maker’s stock after selling 2,404 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Corning were worth $4,276,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. City Holding Co. increased its position in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new stake in Corning in the 3rd quarter valued at about $39,000. Global Trust Asset Management LLC increased its position in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares in the last quarter. Venturi Wealth Management LLC increased its position in Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after buying an additional 473 shares in the last quarter. Finally, Accordant Advisory Group Inc bought a new stake in Corning during the 2nd quarter worth approximately $39,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

Corning stock opened at $47.97 on Friday. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The business’s 50 day simple moving average is $46.21 and its 200 day simple moving average is $41.86. The company has a market cap of $41.07 billion, a price-to-earnings ratio of 282.15, a PEG ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. Corning’s revenue for the quarter was up 6.9% on a year-over-year basis. Sell-side analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.34%. Corning’s payout ratio is 658.82%.

Analyst Ratings Changes

A number of analysts have commented on the company. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Barclays boosted their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Susquehanna boosted their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

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.