Mutual of America Capital Management LLC Sells 3,455 Shares of Corning Incorporated (NYSE:GLW)

Mutual of America Capital Management LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 97,111 shares of the electronics maker’s stock after selling 3,455 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Corning were worth $3,773,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Bridgefront Capital LLC bought a new stake in Corning in the 4th quarter valued at $813,000. Wahed Invest LLC lifted its holdings in shares of Corning by 8.6% in the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after purchasing an additional 1,028 shares in the last quarter. Belpointe Asset Management LLC boosted its position in shares of Corning by 26.4% during the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock worth $253,000 after buying an additional 1,740 shares during the period. Massmutual Trust Co. FSB ADV grew its holdings in shares of Corning by 75.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock worth $1,871,000 after buying an additional 24,421 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co raised its position in Corning by 4.7% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock valued at $2,154,000 after buying an additional 3,152 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a research note on Wednesday, July 31st. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Oppenheimer increased their price objective on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Finally, Citigroup increased their price target on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Corning Stock Up 0.2 %

GLW opened at $44.50 on Monday. The stock’s fifty day simple moving average is $41.73 and its 200 day simple moving average is $37.58. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $46.39. The stock has a market cap of $38.12 billion, a PE ratio of 62.68, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 earnings per share. As a group, research analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th 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 2.52%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is presently 157.75%.

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.