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

The Manufacturers Life Insurance Company trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 2.3% during the third quarter, Holdings Channel.com reports. The firm owned 483,438 shares of the electronics maker’s stock after selling 11,482 shares during the period. The Manufacturers Life Insurance Company’s holdings in Corning were worth $21,827,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of GLW. Dimensional Fund Advisors LP raised its holdings in Corning by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after buying an additional 426,864 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after acquiring an additional 38,168 shares in the last quarter. Swiss National Bank raised its holdings in shares of Corning by 0.6% in the 3rd quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker’s stock worth $109,060,000 after acquiring an additional 14,900 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Corning by 0.5% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock valued at $87,452,000 after acquiring an additional 10,311 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after purchasing an additional 1,145,955 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

In other Corning news, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Barclays raised their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Bank of America upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Susquehanna raised their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Finally, StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Price Performance

Corning stock opened at $48.67 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The business’s 50 day simple moving average is $46.78 and its 200 day simple moving average is $42.51. Corning Incorporated has a 12 month low of $28.02 and a 12 month high of $51.03. The company has a market cap of $41.67 billion, a price-to-earnings ratio of 286.29, a PEG ratio of 1.54 and a beta of 1.03.

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. Corning’s payout ratio is 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.