Corning Inc. (GLW) Shares Sold by American International Group Inc.

American International Group Inc. cut its holdings in shares of Corning Inc. (NYSE:GLW) by 14.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 353,597 shares of the electronics maker’s stock after selling 59,183 shares during the quarter. American International Group Inc.’s holdings in Corning were worth $9,858,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Motco lifted its holdings in shares of Corning by 150.4% during the fourth quarter. Motco now owns 3,538 shares of the electronics maker’s stock worth $113,000 after buying an additional 2,125 shares during the last quarter. Financial Advocates Investment Management acquired a new position in shares of Corning during the fourth quarter worth approximately $130,000. Bray Capital Advisors acquired a new position in shares of Corning during the first quarter worth approximately $132,000. Valeo Financial Advisors LLC lifted its holdings in shares of Corning by 163.9% during the fourth quarter. Valeo Financial Advisors LLC now owns 4,991 shares of the electronics maker’s stock worth $160,000 after buying an additional 3,100 shares during the last quarter. Finally, Resources Investment Advisors Inc. lifted its holdings in shares of Corning by 611.0% during the fourth quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock worth $166,000 after buying an additional 4,460 shares during the last quarter. Institutional investors own 73.16% of the company’s stock.

In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the company’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $29.90, for a total value of $29,900.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.46% of the company’s stock.

A number of research analysts have recently commented on GLW shares. Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of Corning in a report on Tuesday, April 24th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Thursday, April 26th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. TheStreet lowered Corning from a “b-” rating to a “c+” rating in a research note on Wednesday, February 28th. Finally, Oppenheimer restated a “hold” rating on shares of Corning in a research note on Wednesday, January 31st. Two analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $31.14.

Shares of NYSE:GLW opened at $27.69 on Friday. Corning Inc. has a fifty-two week low of $26.11 and a fifty-two week high of $35.10. The firm has a market capitalization of $23.11 billion, a price-to-earnings ratio of 16.10, a P/E/G ratio of 4.05 and a beta of 1.35. The company has a current ratio of 2.56, a quick ratio of 1.95 and a debt-to-equity ratio of 0.39.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 24th. The electronics maker reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01. Corning had a positive return on equity of 11.66% and a negative net margin of 11.44%. The firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the prior year, the business posted $0.36 earnings per share. The business’s revenue was up 5.3% compared to the same quarter last year. research analysts predict that Corning Inc. will post 1.72 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Thursday, May 3rd will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend is Wednesday, May 2nd. Corning’s dividend payout ratio (DPR) is 41.86%.

Corning Company Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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