Mutual of America Capital Management LLC Trims Stock Holdings in Corning Incorporated (NYSE:GLW)

Mutual of America Capital Management LLC lowered its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of GLW. Wellington Management Group LLP boosted its stake in shares of Corning by 0.3% during the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock valued at $1,771,029,000 after purchasing an additional 133,214 shares during the period. State Street Corp increased its stake 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 buying an additional 1,242,718 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after buying an additional 38,168 shares in the last quarter. FMR LLC boosted its position in Corning by 52.8% in 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 during the period. Finally, Stifel Financial Corp grew its stake in Corning by 1.9% in the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock worth $126,893,000 after acquiring an additional 52,667 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated Friday, January 31st. The stock was 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 directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GLW. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Citigroup lifted their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Finally, Barclays lowered their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $53.00.

Corning Stock Down 3.6 %

Shares of Corning stock opened at $46.50 on Wednesday. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The firm’s 50 day moving average price is $50.16 and its 200-day moving average price is $47.26. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company has a market cap of $39.83 billion, a P/E ratio of 80.17, a PEG ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

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.