Mutual of America Capital Management LLC Decreases Stake in Corning Incorporated (NYSE:GLW)

Mutual of America Capital Management LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 4.4% during the fourth quarter, Holdings Channel reports. The firm 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 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BCK Partners Inc. raised its holdings in Corning by 4.2% during the fourth quarter. BCK Partners Inc. now owns 32,809 shares of the electronics maker’s stock worth $999,000 after purchasing an additional 1,323 shares in the last quarter. Soltis Investment Advisors LLC increased its holdings in shares of Corning by 25.3% in the 4th quarter. Soltis Investment Advisors LLC now owns 146,417 shares of the electronics maker’s stock valued at $4,458,000 after acquiring an additional 29,603 shares during the period. Impax Asset Management Group plc acquired a new position in shares of Corning in the 4th quarter valued at $1,142,000. International Assets Investment Management LLC acquired a new position in shares of Corning in the 4th quarter valued at $4,275,000. Finally, Olstein Capital Management L.P. increased its holdings in shares of Corning by 9.8% in the 4th quarter. Olstein Capital Management L.P. now owns 257,000 shares of the electronics maker’s stock valued at $7,826,000 after acquiring an additional 23,000 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 0.2 %

NYSE GLW opened at $30.98 on Thursday. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The company’s 50 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 quick ratio of 1.05 and a current ratio of 1.67. The firm 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 (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 earnings per share. On average, sell-side analysts predict that Corning Incorporated will post 1.87 EPS for the current year.

Corning Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. UBS Group boosted their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. 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 research note on Thursday, February 1st. Finally, Barclays boosted their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $34.56.

Insider Transactions at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction on 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 completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate 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.