American Century Companies Inc. Sells 600,566 Shares of Corning Incorporated (NYSE:GLW)
American Century Companies Inc. reduced its stake in Corning Incorporated (NYSE:GLW) by 65.3%, selling 600,566 shares in the fourth quarter, leaving it with 318,638 shares valued at $15.14 million. Other institutional investors also adjusted their holdings. Analysts have mixed ratings on Corning, with a consensus rating of "Moderate Buy" and a price target of $54.31. Corning's stock opened at $45.77, with a market cap of $39.22 billion. The company recently announced a quarterly dividend of $0.28, yielding 2.45%.
American Century Companies Inc. lowered its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 65.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 318,638 shares of the electronics maker's stock after selling 600,566 shares during the period. American Century Companies Inc.'s holdings in Corning were worth $15,142,000 as of its most recent filing with the SEC.
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Other institutional investors and hedge funds have also modified their holdings of the company. Sound Income Strategies LLC raised its stake in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after acquiring an additional 227 shares in the last quarter. Sierra Ocean LLC acquired a new stake in Corning in the fourth quarter valued at approximately $25,000. Asset Planning Inc acquired a new stake in Corning in the fourth quarter valued at approximately $29,000. Mainstream Capital Management LLC bought a new stake in shares of Corning during the fourth quarter worth $35,000. Finally, Rosenberg Matthew Hamilton increased its holdings in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after buying an additional 500 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several research firms recently weighed in on GLW. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Barclays cut their target price on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. StockNews.com downgraded shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, Citigroup boosted their price objective on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $54.31.
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Get Our Latest Report on Corning
Corning Stock Down 0.2 %
Shares of NYSE GLW opened at $45.77 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm has a market cap of $39.22 billion, a PE ratio of 78.92, a P/E/G ratio of 1.50 and a beta of 1.03. The company's fifty day simple moving average is $49.76 and its 200 day simple moving average is $47.98. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33.
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Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.
Corning Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend was Friday, February 28th. Corning's dividend payout ratio is currently 193.10%.
Insider Buying and Selling at Corning
In other Corning news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction dated Friday, January 31st. The stock was 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 owns 152,944 shares in the company, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.
Corning Profile
(Free Report)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.
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