New York Life Investment Management LLC Reduces Position in Corning Incorporated (NYSE:GLW)

New York Life Investment Management LLC reduced its position in Corning Incorporated (NYSE:GLW) by 38.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 109,693 shares of the electronics maker’s stock after selling 69,373 shares during the quarter. New York Life Investment Management LLC’s holdings in Corning were worth $3,340,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Natixis Advisors L.P. grew its stake in shares of Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after buying an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC purchased a new position in Corning during the 4th quarter valued at $1,199,000. Socha Financial Group LLC boosted its holdings in Corning by 8.8% during the 4th quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock valued at $10,463,000 after acquiring an additional 27,772 shares during the period. HB Wealth Management LLC grew its position in Corning by 24.2% in the 4th quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after acquiring an additional 1,926 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in Corning by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after purchasing an additional 40,564 shares during the period. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent analyst reports. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Susquehanna reissued a “positive” rating and issued a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. Barclays upped their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research note on Thursday, February 1st. Finally, Morgan Stanley reissued an “overweight” rating and issued a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Corning presently has an average rating of “Hold” and an average price target of $34.89.

Corning Stock Performance

Shares of GLW stock opened at $33.72 on Friday. The firm has a market cap of $28.84 billion, a price-to-earnings ratio of 47.49, a PEG ratio of 1.71 and a beta of 1.07. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company’s 50 day moving average is $32.36 and its 200 day moving average is $30.61.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The business had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.41 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 3.32%. Corning’s dividend payout ratio is presently 157.75%.

Insider Buying and Selling at Corning

In other news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 119,988 shares of company stock valued at $3,984,964. 0.40% of the stock is currently owned by insiders.

About Corning

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.