United Services Automobile Association Decreases Stock Holdings in Corning Incorporated (NYSE:GLW)

United Services Automobile Association lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 7.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,470 shares of the electronics maker’s stock after selling 1,552 shares during the quarter. United Services Automobile Association’s holdings in Corning were worth $795,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Bridgefront Capital LLC purchased a new position in shares of Corning in the 4th quarter worth approximately $813,000. Wahed Invest LLC increased its position in shares of Corning by 8.6% during the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after purchasing an additional 1,028 shares in the last quarter. Belpointe Asset Management LLC lifted its holdings in shares of Corning by 26.4% during the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after purchasing an additional 1,740 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Corning by 75.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after purchasing an additional 24,421 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co boosted its position in shares of Corning by 4.7% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock worth $2,154,000 after purchasing an additional 3,152 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

NYSE:GLW opened at $41.16 on Wednesday. The firm has a market cap of $35.22 billion, a price-to-earnings ratio of 57.97, a PEG ratio of 1.57 and a beta of 1.04. The firm’s fifty day moving average is $41.62 and its two-hundred day moving average is $36.98. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same period last year, the business earned $0.45 earnings per share. Corning’s quarterly revenue was up 3.5% on a year-over-year basis. Research analysts expect that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on GLW shares. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research note on Tuesday, July 9th. Bank of America lowered their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Morgan Stanley reissued an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Susquehanna boosted their price objective on shares of Corning from $40.00 to $46.00 and gave the company a “positive” rating in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.62.

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.