Truist Financial Corp Sells 84,011 Shares of Corning Incorporated (NYSE:GLW)

Truist Financial Corp decreased its position in Corning Incorporated (NYSE:GLW) by 15.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 448,038 shares of the electronics maker’s stock after selling 84,011 shares during the quarter. Truist Financial Corp’s holdings in Corning were worth $13,643,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Peoples Bank KS purchased a new stake in Corning in the third quarter worth $25,000. OFI Invest Asset Management purchased a new stake in shares of Corning in the 3rd quarter worth about $25,000. SRS Capital Advisors Inc. lifted its position 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. Bruce G. Allen Investments LLC bought a new stake in shares of Corning during the 4th quarter valued at about $31,000. Finally, Emfo LLC purchased a new position in shares of Corning during the fourth quarter valued at about $33,000. 69.80% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on GLW. Barclays lifted their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 price objective on shares of Corning in a report on Monday, April 22nd. JPMorgan Chase & Co. boosted their target price on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday. Susquehanna reiterated a “positive” rating and issued a $40.00 price target on shares of Corning in a research note on Monday, April 1st. Finally, HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Corning currently has an average rating of “Hold” and an average price target of $34.89.

Corning Stock Up 0.3 %

Shares of Corning stock opened at $33.48 on Thursday. The company has a 50-day simple moving average of $32.32 and a two-hundred day simple moving average of $30.55. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The stock has a market capitalization of $28.64 billion, a PE ratio of 47.15, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 12.31% and a net margin of 4.96%. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 EPS. On average, analysts anticipate that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is 157.75%.

Insider Buying and Selling at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.40% of the company’s stock.

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.