United Services Automobile Association Sells 3,377 Shares of Corning Incorporated (NYSE:GLW)

United Services Automobile Association reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 16.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,093 shares of the electronics maker’s stock after selling 3,377 shares during the quarter. United Services Automobile Association’s holdings in Corning were worth $772,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of GLW. City Holding Co. increased its holdings in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the period. Cassady Schiller Wealth Management LLC acquired a new stake in Corning during the third quarter worth about $39,000. RPg Family Wealth Advisory LLC bought a new position in Corning during the third quarter valued at about $40,000. Global Trust Asset Management LLC raised its holdings in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares in the last quarter. Finally, Venturi Wealth Management LLC raised its holdings in Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after acquiring an additional 473 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is owned by company insiders.

Corning Stock Down 0.4 %

Shares of GLW opened at $49.56 on Monday. The company has a market capitalization of $42.43 billion, a P/E ratio of 291.53, a PEG ratio of 1.58 and a beta of 1.03. Corning Incorporated has a one year low of $28.76 and a one year high of $51.03. The business’s 50 day simple moving average is $47.23 and its 200-day simple moving average is $42.99. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The business’s revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Analyst Ratings Changes

A number of research firms have recently issued reports on GLW. Susquehanna boosted their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Barclays increased their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

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.