TIAA Trust National Association Raises Holdings in Corning Incorporated (NYSE:GLW)

TIAA Trust National Association raised its position in Corning Incorporated (NYSE:GLW) by 13.3% during the first quarter, HoldingsChannel reports. The firm owned 12,778 shares of the electronics maker’s stock after purchasing an additional 1,496 shares during the period. TIAA Trust National Association’s holdings in Corning were worth $421,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Nordea Investment Management AB grew its stake in Corning by 0.7% during the 4th quarter. Nordea Investment Management AB now owns 61,812 shares of the electronics maker’s stock valued at $1,881,000 after acquiring an additional 460 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Corning by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after purchasing an additional 40,564 shares in the last quarter. HB Wealth Management LLC increased its holdings in shares of Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after purchasing an additional 1,926 shares during the last quarter. LVW Advisors LLC boosted its stake in Corning by 8.6% during the fourth quarter. LVW Advisors LLC now owns 7,785 shares of the electronics maker’s stock worth $237,000 after buying an additional 617 shares during the last quarter. Finally, CVA Family Office LLC purchased a new stake in Corning in the 4th quarter valued at $50,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Down 1.5 %

Corning stock traded down $0.68 during midday trading on Friday, reaching $44.31. 6,016,897 shares of the stock traded hands, compared to its average volume of 10,274,135. The firm has a market cap of $37.96 billion, a PE ratio of 62.41, a price-to-earnings-growth ratio of 1.64 and a beta of 1.05. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The company has a 50-day simple moving average of $38.99 and a two-hundred day simple moving average of $34.46. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm posted $0.41 earnings per share. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. Research analysts expect that Corning Incorporated will post 1.94 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.53%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Insider Buying and Selling

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares in the company, valued at $1,034,266.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock valued at $5,876,067 in the last three months. 0.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on GLW. Bank of America lifted their price target on Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Oppenheimer reiterated an “outperform” rating and issued a $50.00 target price (up from $40.00) on shares of Corning in a report on Wednesday, July 10th. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, Citigroup raised their target price on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Corning currently has a consensus rating of “Hold” and an average price target of $43.38.

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.