The Manufacturers Life Insurance Company Sells 11,482 Shares of Corning Incorporated (NYSE:GLW)

The Manufacturers Life Insurance Company lessened its holdings in Corning Incorporated (NYSE:GLW) by 2.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 483,438 shares of the electronics maker’s stock after selling 11,482 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Corning worth $21,827,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of GLW. City Holding Co. grew its holdings in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the period. Accordant Advisory Group Inc acquired a new stake in shares of Corning during the second quarter worth $39,000. Cassady Schiller Wealth Management LLC acquired a new position in Corning in the third quarter valued at about $39,000. Global Trust Asset Management LLC lifted its stake in Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in Corning during the third quarter worth about $45,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on GLW shares. Bank of America increased their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. increased their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, November 26th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Performance

Corning stock opened at $48.67 on Friday. The stock has a market cap of $41.67 billion, a PE ratio of 286.29, a P/E/G ratio of 1.54 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The business’s 50-day moving average price is $46.78 and its two-hundred day moving average price is $42.51. Corning Incorporated has a 12-month low of $28.02 and a 12-month high of $51.03.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company earned $0.45 EPS. As a group, analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.30%. Corning’s payout ratio is currently 658.82%.

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.