Corebridge Financial Inc. Has $8.96 Million Stake in Corning Incorporated (NYSE:GLW)

Corebridge Financial Inc. reduced its holdings in Corning Incorporated (NYSE:GLW) by 4.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 188,530 shares of the electronics maker’s stock after selling 8,755 shares during the period. Corebridge Financial Inc.’s holdings in Corning were worth $8,959,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Congress Wealth Management LLC DE boosted its position in Corning by 73.7% during the fourth quarter. Congress Wealth Management LLC DE now owns 14,397 shares of the electronics maker’s stock valued at $684,000 after purchasing an additional 6,107 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after purchasing an additional 916,528 shares in the last quarter. Napatree Capital LLC boosted its holdings in shares of Corning by 7.7% in the 4th quarter. Napatree Capital LLC now owns 7,488 shares of the electronics maker’s stock valued at $356,000 after buying an additional 536 shares during the last quarter. Stevens Capital Management LP bought a new position in shares of Corning in the fourth quarter valued at $262,000. Finally, LPL Financial LLC increased its holdings in Corning by 1.8% during the fourth quarter. LPL Financial LLC now owns 1,107,368 shares of the electronics maker’s stock worth $52,622,000 after buying an additional 19,768 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Citigroup lifted their price objective on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. HSBC upgraded Corning from a “hold” rating to a “buy” rating and lifted their price target for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Barclays reduced their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Finally, Morgan Stanley increased their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $54.31.

Corning Price Performance

Shares of Corning stock opened at $46.60 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $39.92 billion, a price-to-earnings ratio of 80.35, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a 50-day simple moving average of $49.92 and a two-hundred day simple moving average of $47.87.

Corning (NYSE:GLW) last issued its quarterly 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 return on equity of 15.10% and a net margin of 3.86%. Analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Buying and Selling

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were 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 directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

About Corning

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.