Corning Incorporated (NYSE:GLW) Shares Sold by TIAA Trust National Association

TIAA Trust National Association trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 5.3% during the fourth quarter, Holdings Channel reports. The fund owned 13,517 shares of the electronics maker’s stock after selling 754 shares during the quarter. TIAA Trust National Association’s holdings in Corning were worth $642,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Quest Partners LLC purchased a new position in shares of Corning during the 3rd quarter valued at approximately $106,000. Swedbank AB boosted its stake in Corning by 60.2% during the 3rd quarter. Swedbank AB now owns 38,314 shares of the electronics maker’s stock valued at $1,730,000 after acquiring an additional 14,403 shares during the last quarter. FMR LLC grew its holdings in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of Corning in the 3rd quarter worth about $76,000. Finally, Baldwin Investment Management LLC bought a new stake in shares of Corning in the 3rd quarter worth about $226,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Corning Price Performance

NYSE GLW opened at $46.60 on Friday. The firm has a market capitalization of $39.92 billion, a PE ratio of 80.35, a P/E/G ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The company’s 50 day simple moving average is $49.92 and its 200 day simple moving average is $47.87.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, equities research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. Corning’s dividend payout ratio (DPR) is 193.10%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GLW. Morgan Stanley lifted their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Citigroup boosted their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, Bank of America raised their price target on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $54.31.

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.