Victory Capital Management Inc. Sells 12,180 Shares of Corning Incorporated (NYSE:GLW)

Victory Capital Management Inc. decreased its holdings in Corning Incorporated (NYSE:GLW) by 1.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 682,946 shares of the electronics maker’s stock after selling 12,180 shares during the quarter. Victory Capital Management Inc. owned 0.08% of Corning worth $20,796,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Peoples Bank KS bought a new position in shares of Corning in the third quarter worth about $25,000. OFI Invest Asset Management acquired a new stake in Corning in the third quarter valued at approximately $25,000. SRS Capital Advisors Inc. increased its position in shares of Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC bought a new stake in Corning during the fourth quarter worth $31,000. Finally, Emfo LLC bought a new stake in shares of Corning in the 4th quarter worth $33,000. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

Shares of Corning stock opened at $34.20 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a market cap of $29.30 billion, a PE ratio of 48.17, a price-to-earnings-growth ratio of 1.70 and a beta of 1.07. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The company’s fifty day simple moving average is $32.47 and its two-hundred day simple moving average is $30.78.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm earned $0.41 EPS. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, equities analysts expect that Corning Incorporated will post 1.9 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend is Thursday, May 30th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Insider Transactions at Corning

In related news, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the sale, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 239,841 shares of company stock valued at $7,971,257. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on GLW. Morgan Stanley reissued an “overweight” rating and issued a $35.00 price objective on shares of Corning in a research report on Monday, April 22nd. Barclays raised their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. Mizuho began coverage on shares of Corning in a report on Tuesday. They issued a “neutral” rating and a $36.00 price target for the company. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a report on Thursday, February 1st. Finally, UBS Group increased their target price on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $35.00.

Corning Company 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.