Tiaa Fsb Sells 497 Shares of Corning Incorporated (NYSE:GLW)

Posted by Defense World Staff on Jul 4th, 2023

Tiaa Fsb lowered its stake in shares of Corning Incorporated (NYSE:GLW – Free Report) by 4.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,987 shares of the electronics maker’s stock after selling 497 shares during the quarter. Tiaa Fsb’s holdings in Corning were worth $423,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in GLW. City Holding Co. lifted its position in Corning by 70.5% during the 1st quarter. City Holding Co. now owns 747 shares of the electronics maker’s stock valued at $26,000 after purchasing an additional 309 shares during the period. CI Investments Inc. lifted its position in Corning by 981.9% during the 3rd quarter. CI Investments Inc. now owns 1,017 shares of the electronics maker’s stock valued at $30,000 after purchasing an additional 923 shares during the period. Arcus Capital Partners LLC acquired a new position in Corning during the 4th quarter valued at about $32,000. Pinnacle Bancorp Inc. acquired a new position in Corning during the 1st quarter valued at about $32,000. Finally, GoalVest Advisory LLC acquired a new position in Corning during the 1st quarter valued at about $34,000. Institutional investors own 68.38% of the company’s stock.

Insiders Place Their Bets

In other Corning news, VP Michael Alan Bell sold 35,045 shares of Corning stock in a transaction on Friday, June 16th. The shares were sold at an average price of $35.00, for a total transaction of $1,226,575.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Corning news, VP Michael Alan Bell sold 35,045 shares of Corning stock in a transaction on Friday, June 16th. The shares were sold at an average price of $35.00, for a total transaction of $1,226,575.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Cheryl C. Capps sold 28,574 shares of Corning stock in a transaction on Monday, May 1st. The stock was sold at an average price of $33.14, for a total transaction of $946,942.36. Following the transaction, the senior vice president now directly owns 100,000 shares of the company’s stock, valued at $3,314,000. The disclosure for this sale can be found here. Insiders sold a total of 161,334 shares of company stock valued at $5,294,350 over the last ninety days. 0.40% of the stock is currently owned by company insiders.

Corning Price Performance

NYSE:GLW opened at $35.16 on Tuesday. Corning Incorporated has a 1-year low of $28.98 and a 1-year high of $37.73. The company has a current ratio of 1.44, a quick ratio of 0.84 and a debt-to-equity ratio of 0.55. The firm has a fifty day simple moving average of $32.48 and a 200 day simple moving average of $33.70. The stock has a market capitalization of $29.89 billion, a PE ratio of 33.17, a P/E/G ratio of 2.35 and a beta of 1.09.

Corning (NYSE:GLW – Free Report) last released its earnings results on Tuesday, April 25th. The electronics maker reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.02. Corning had a net margin of 6.66% and a return on equity of 13.99%. The business had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $3.35 billion. During the same period last year, the business earned $0.54 earnings per share. The firm’s revenue was down 10.1% on a year-over-year basis. On average, research analysts expect that Corning Incorporated will post 1.94 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Thursday, August 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 3.19%. Corning’s dividend payout ratio (DPR) is 105.66%.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research reports. UBS Group cut their target price on shares of Corning from $40.00 to $39.00 in a research report on Wednesday, April 26th. StockNews.com assumed coverage on shares of Corning in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Barclays cut their price target on shares of Corning from $35.00 to $33.00 in a research report on Wednesday, April 26th. Morgan Stanley upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $35.00 to $38.00 in a research report on Friday, June 9th. Finally, Citigroup upgraded shares of Corning from a “neutral” rating to a “buy” rating and increased their price target for the company from $36.00 to $40.00 in a research report on Thursday, June 15th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.67.

About Corning

(Free Report)

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.