Mutual of America Capital Management LLC Sells 2,665 Shares of Corning Incorporated (NYSE:GLW)

Mutual of America Capital Management LLC trimmed its position in Corning Incorporated (NYSE:GLW) by 2.9% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 89,518 shares of the electronics maker’s stock after selling 2,665 shares during the period. Mutual of America Capital Management LLC’s holdings in Corning were worth $4,098,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Vermillion Wealth Management Inc. bought a new position in Corning in the 4th quarter valued at $29,000. Putney Financial Group LLC bought a new position in shares of Corning in the 4th quarter worth $30,000. Transce3nd LLC bought a new position in shares of Corning in the 4th quarter worth $39,000. ORG Partners LLC boosted its position in shares of Corning by 115.8% in the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock worth $40,000 after purchasing an additional 476 shares during the last quarter. Finally, Dunhill Financial LLC boosted its position in shares of Corning by 77.1% in the 4th quarter. Dunhill Financial LLC now owns 905 shares of the electronics maker’s stock worth $43,000 after purchasing an additional 394 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the transaction, the chief operating officer owned 64,838 shares in the company, valued at approximately $4,036,813.88. This trade represents a 35.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Lewis A. Steverson sold 16,646 shares of Corning stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the transaction, the executive vice president owned 39,759 shares of the company’s stock, valued at $2,473,804.98. The trade was a 29.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 219,484 shares of company stock valued at $13,189,084 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Performance

GLW opened at $65.84 on Friday. The business’s 50-day moving average price is $54.21 and its two-hundred day moving average price is $49.68. Corning Incorporated has a 1 year low of $37.31 and a 1 year high of $66.50. The company has a market capitalization of $56.40 billion, a price-to-earnings ratio of 70.04, a P/E/G ratio of 1.46 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same quarter last year, the business posted $0.47 EPS. Equities analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.7%. Corning’s payout ratio is currently 119.15%.

Analysts Set New Price Targets

GLW has been the topic of several recent research reports. JPMorgan Chase & Co. raised their price target on Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Morgan Stanley set a $56.00 price target on Corning and gave the stock an “equal weight” rating in a research report on Wednesday, July 30th. UBS Group raised their price target on Corning from $57.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday. Wall Street Zen upgraded Corning from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 2nd. Finally, Argus restated a “buy” rating and issued a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.17.

Corning 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.