Corning Incorporated (NYSE:GLW) Stock Holdings Lowered by State Farm Mutual Automobile Insurance Co.

State Farm Mutual Automobile Insurance Co. cut its position in Corning Incorporated (NYSE:GLW) by 0.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund 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. owned about 1.63% of Corning worth $661,471,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GLW. Vanguard Group Inc. lifted its holdings in Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after purchasing an additional 916,528 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Corning by 0.3% in the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock valued at $1,771,029,000 after buying an additional 133,214 shares during the period. State Street Corp boosted its position in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. Norges Bank bought a new stake in shares of Corning during the 4th quarter worth $490,933,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Corning by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,937,981 shares of the electronics maker’s stock worth $234,653,000 after purchasing an additional 84,905 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Down 1.4 %

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

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

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a dividend of $0.28 per share. 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 presently 193.10%.

Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction 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 transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on GLW shares. HSBC raised Corning from a “hold” rating to a “buy” rating and lifted their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Bank of America raised their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Citigroup boosted 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, Barclays lowered their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target 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.