Mutual of America Capital Management LLC lessened its stake in shares of Corning Incorporated (NYSE:GLW – Get Rating) by 11.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 103,543 shares of the electronics maker’s stock after selling 12,959 shares during the period. Mutual of America Capital Management LLC’s holdings in Corning were worth $3,263,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the stock. Atria Investments LLC raised its position in shares of Corning by 2.2% in the 1st quarter. Atria Investments LLC now owns 36,651 shares of the electronics maker’s stock worth $1,353,000 after purchasing an additional 776 shares during the last quarter. State of New Jersey Common Pension Fund D raised its holdings in Corning by 2.7% in the first quarter. State of New Jersey Common Pension Fund D now owns 468,334 shares of the electronics maker’s stock worth $17,286,000 after buying an additional 12,225 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Corning in the first quarter worth approximately $212,000. Metis Global Partners LLC grew its holdings in shares of Corning by 84.8% during the first quarter. Metis Global Partners LLC now owns 12,404 shares of the electronics maker’s stock valued at $458,000 after buying an additional 5,691 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC increased its position in shares of Corning by 2.2% during the first quarter. Mount Yale Investment Advisors LLC now owns 25,428 shares of the electronics maker’s stock valued at $939,000 after acquiring an additional 555 shares in the last quarter. Hedge funds and other institutional investors own 69.00% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on GLW. Morgan Stanley lowered their price objective on Corning from $40.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 11th. Fox Advisors cut Corning from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, October 26th. Susquehanna Bancshares decreased their target price on Corning from $40.00 to $39.00 in a research report on Wednesday, October 26th. Barclays dropped their price target on shares of Corning from $38.00 to $35.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 26th. Finally, Credit Suisse Group started coverage on shares of Corning in a report on Tuesday, August 16th. They set a “neutral” rating and a $36.00 price objective for the company. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Corning presently has a consensus rating of “Hold” and an average target price of $39.27.
Corning Trading Up 1.8 %
Corning (NYSE:GLW – Get Rating) last released its earnings results on Tuesday, October 25th. The electronics maker reported $0.51 EPS for the quarter, hitting analysts’ consensus estimates of $0.51. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Corning had a net margin of 12.72% and a return on equity of 15.25%. The firm’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the business earned $0.56 EPS. Sell-side analysts forecast that Corning Incorporated will post 2.07 EPS for the current year.
Corning Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Friday, November 18th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $1.08 dividend on an annualized basis and a yield of 3.19%. Corning’s payout ratio is presently 50.47%.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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