Mutual of America Capital Management LLC Sells 2,065 Shares of Corning Incorporated (NYSE:GLW)

Mutual of America Capital Management LLC reduced its position in Corning Incorporated (NYSE:GLW) by 2.0% during the first quarter, Holdings Channel reports. The institutional investor owned 100,566 shares of the electronics maker’s stock after selling 2,065 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Corning were worth $3,315,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Wellington Management Group LLP boosted its holdings in shares of Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after buying an additional 2,597,878 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Corning by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock valued at $296,054,000 after buying an additional 146,807 shares in the last quarter. Norges Bank purchased a new position in shares of Corning in the 4th quarter valued at approximately $247,721,000. FIL Ltd raised its position in shares of Corning by 1.5% in the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock valued at $218,609,000 after purchasing an additional 105,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after purchasing an additional 1,828,097 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Activity at Corning

In related news, VP Martin J. Curran sold 16,416 shares of Corning 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 sale, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Martin J. Curran sold 16,416 shares of Corning 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 sale, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is owned by company insiders.

Corning Price Performance

Shares of NYSE GLW opened at $45.06 on Friday. The stock has a market capitalization of $38.60 billion, a price-to-earnings ratio of 63.46, a PEG ratio of 1.69 and a beta of 1.05. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $45.87. The firm’s 50 day simple moving average is $37.59 and its 200-day simple moving average is $33.81. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the company earned $0.41 EPS. Analysts expect that Corning Incorporated will post 1.94 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.49%. Corning’s dividend payout ratio is currently 157.75%.

Analysts Set New Price Targets

GLW has been the subject of several research analyst reports. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research report on Monday, June 17th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday. Morgan Stanley increased their price objective on shares of Corning from $38.00 to $39.00 and gave the company an “equal weight” rating in a research report on Tuesday. JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $37.00 to $43.00 in a research report on Thursday, May 30th. Finally, Bank of America raised their price target on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $42.92.

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.