American Century Companies Inc. Sells 600,566 Shares of Corning Incorporated (NYSE:GLW)

American Century Companies Inc. reduced its stake in Corning Incorporated (NYSE:GLW) by 65.3% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 318,638 shares of the electronics maker’s stock after selling 600,566 shares during the quarter. American Century Companies Inc.’s holdings in Corning were worth $15,142,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Mizuho Securities USA LLC grew its position in shares of Corning by 46.2% during the 4th quarter. Mizuho Securities USA LLC now owns 73,034 shares of the electronics maker’s stock valued at $3,471,000 after acquiring an additional 23,095 shares during the period. Summit Global Investments bought a new position in Corning during the fourth quarter valued at $931,000. Millstone Evans Group LLC purchased a new stake in Corning in the fourth quarter worth $257,000. Lee Danner & Bass Inc. bought a new stake in shares of Corning in the fourth quarter valued at $80,000. Finally, Whittier Trust Co. of Nevada Inc. lifted its position in shares of Corning by 81.8% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 1,867 shares of the electronics maker’s stock valued at $89,000 after buying an additional 840 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Barclays lowered their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and raised their price objective for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Finally, Citigroup lifted their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.31.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $45.77 on Tuesday. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a market cap of $39.22 billion, a PE ratio of 78.92, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The stock has a 50-day moving average price of $49.76 and a 200-day moving average price of $47.98.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.45%. Corning’s dividend payout ratio is presently 193.10%.

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.