State Farm Mutual Automobile Insurance Co. Sells 111,535 Shares of Corning Incorporated (NYSE:GLW)

State Farm Mutual Automobile Insurance Co. lessened its holdings in Corning Incorporated (NYSE:GLW) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,919,847 shares of the electronics maker’s stock after selling 111,535 shares during the quarter. State Farm Mutual Automobile Insurance Co.’s holdings in Corning were worth $661,471,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in GLW. Sound Income Strategies LLC boosted its position in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. Sierra Ocean LLC acquired a new stake in Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc acquired a new position in shares of Corning in the 4th quarter worth approximately $29,000. Rosenberg Matthew Hamilton lifted its position in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares during the period. Finally, Mainstream Capital Management LLC acquired a new stake in Corning in the 4th quarter valued at $35,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling

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

Corning Price Performance

Shares of GLW stock opened at $45.91 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The firm has a market cap of $39.33 billion, a price-to-earnings ratio of 79.16, a PEG ratio of 1.50 and a beta of 1.03. The stock has a 50-day moving average price of $49.84 and a 200 day moving average price of $47.86.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were given a $0.28 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.44%. Corning’s dividend payout ratio is currently 193.10%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and upped their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Citigroup lifted their target price on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

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.