American International Group Inc. Trims Stock Position in Corning Incorporated (NYSE:GLW)

American International Group Inc. lessened its stake in Corning Incorporated (NYSE:GLW) by 0.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207,096 shares of the electronics maker’s stock after selling 764 shares during the period. American International Group Inc.’s holdings in Corning were worth $6,826,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Access Investment Management LLC purchased a new position in Corning in the 1st quarter worth approximately $28,000. Cape Investment Advisory Inc. grew its stake in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in Corning in the 1st quarter worth approximately $33,000. Register Financial Advisors LLC purchased a new stake in shares of Corning in the 1st quarter valued at $33,000. Finally, ESL Trust Services LLC purchased a new stake in shares of Corning in the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Corning news, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at $379,484.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lewis A. Steverson sold 29,978 shares of Corning 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 owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock worth $5,876,067 in the last quarter. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on GLW shares. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Citigroup upped their price objective on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Argus upped their price objective on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Morgan Stanley upped their price objective on shares of Corning from $38.00 to $39.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 9th. Finally, UBS Group upped their price target on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $43.38.

Corning Stock Performance

Shares of NYSE GLW opened at $42.81 on Friday. The firm’s 50-day moving average price is $39.70 and its 200-day moving average price is $34.80. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company has a market cap of $36.67 billion, a PE ratio of 60.30, a PEG ratio of 1.62 and a beta of 1.05. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39.

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

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

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.