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

United Services Automobile Association cut its holdings in Corning Incorporated (NYSE:GLW) by 7.0% in the second quarter, according to its most recent disclosure 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 SEC filing.

Other large investors have also made changes to their positions in the company. Access Investment Management LLC acquired a new position in Corning during the first quarter worth $28,000. Cape Investment Advisory Inc. raised its position in shares of Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in Corning in the 1st quarter valued at about $33,000. Register Financial Advisors LLC acquired a new stake in Corning in the 1st quarter worth about $33,000. Finally, ESL Trust Services LLC purchased a new stake in Corning during the 1st quarter worth approximately $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GLW has been the topic of several research reports. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Oppenheimer reaffirmed an “outperform” rating and set a $47.00 target price (down previously from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research report on Monday, June 17th. Bank of America lowered their price target on shares of Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Finally, Susquehanna increased 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 equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.62.

Corning Price Performance

GLW stock opened at $41.16 on Wednesday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The business has a fifty day moving average of $41.62 and a two-hundred day moving average of $36.98. The stock has a market cap of $35.22 billion, a price-to-earnings ratio of 57.97, a price-to-earnings-growth ratio of 1.57 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. Corning’s revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.45 EPS. As a group, research analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

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

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.