Corning Incorporated (NYSE:GLW) Shares Sold by Victory Capital Management Inc.

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

Several other institutional investors have also recently made changes to their positions in GLW. Ameriprise Financial Inc. grew its holdings in Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after purchasing an additional 2,301,745 shares during the period. Wellington Management Group LLP raised its position in Corning by 7.7% during the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after acquiring an additional 2,055,388 shares during the period. Federated Hermes Inc. grew its position in shares of Corning by 1,329.2% in the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after purchasing an additional 1,229,031 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Corning by 302.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock worth $45,564,000 after purchasing an additional 1,124,787 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of Corning by 5.1% during the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after purchasing an additional 1,060,450 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of GLW stock opened at $34.20 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The company has a market capitalization 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. The firm’s 50-day moving average is $32.47 and its two-hundred day moving average is $30.78. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01.

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

Corning Announces Dividend

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

Insider Buying and Selling

In other Corning news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now owns 11,355 shares of the company’s stock, valued at $379,484.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now owns 65,598 shares in the company, valued at approximately $2,210,652.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now owns 11,355 shares of the company’s stock, valued at $379,484.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 239,841 shares of company stock valued at $7,971,257. 0.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GLW shares. Susquehanna reiterated a “positive” rating and issued a $40.00 price objective on shares of Corning in a report on Monday, April 1st. Mizuho assumed coverage on Corning in a research report on Tuesday. They set 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 on the stock. in a report on Thursday, February 1st. Barclays upped their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. Finally, Morgan Stanley reissued an “overweight” rating and issued a $35.00 price target on shares of Corning in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $35.00.

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.