Mutual of America Capital Management LLC Cuts Position in Corning Incorporated (NYSE:GLW)

Mutual of America Capital Management LLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 4.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 102,631 shares of the electronics maker’s stock after selling 4,676 shares during the period. Mutual of America Capital Management LLC’s holdings in Corning were worth $3,125,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Peoples Bank KS bought a new stake in shares of Corning in the 3rd quarter worth approximately $25,000. OFI Invest Asset Management bought a new stake in shares of Corning in the 3rd quarter worth approximately $25,000. Janiczek Wealth Management LLC raised its holdings in shares of Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 571 shares during the period. Quarry LP bought a new stake in shares of Corning in the 2nd quarter worth approximately $32,000. Finally, SRS Capital Advisors Inc. raised its holdings in shares of Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.40% of the company’s stock.

Corning Stock Up 0.2 %

Shares of GLW stock opened at $30.98 on Thursday. The company has a market capitalization of $26.50 billion, a price-to-earnings ratio of 46.24, a PEG ratio of 1.75 and a beta of 1.08. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The company’s fifty day moving average price is $32.35 and its 200-day moving average price is $30.38. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company’s revenue was down 12.1% on a year-over-year basis. During the same period last year, the firm earned $0.47 EPS. Sell-side analysts expect that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.62%. Corning’s dividend payout ratio is currently 167.16%.

Wall Street Analyst Weigh In

GLW has been the topic of a number of analyst reports. Barclays boosted their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. Susquehanna reiterated a “positive” rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. JPMorgan Chase & Co. increased their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Finally, StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $34.56.

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.