Truist Financial Corp Has $13.64 Million Position in Corning Incorporated (NYSE:GLW)

Truist Financial Corp cut its position in Corning Incorporated (NYSE:GLW) by 15.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 448,038 shares of the electronics maker’s stock after selling 84,011 shares during the quarter. Truist Financial Corp owned 0.05% of Corning worth $13,643,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP raised its holdings in Corning by 7.7% in the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after buying an additional 2,055,388 shares during the last quarter. Morgan Stanley raised its stake in shares of Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after acquiring an additional 1,060,450 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Corning by 2.0% during the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock worth $366,856,000 after purchasing an additional 232,699 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Corning by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after purchasing an additional 490,638 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on GLW shares. JPMorgan Chase & Co. raised their target price on Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday. Barclays lifted their price objective on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. Finally, UBS Group upped their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Corning has an average rating of “Hold” and an average target price of $34.89.

Insider Transactions at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.40% of the stock is owned by insiders.

Corning Stock Up 0.3 %

Corning stock opened at $33.48 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $28.64 billion, a PE ratio of 47.15, a PEG ratio of 1.85 and a beta of 1.07. The firm’s fifty day moving average is $32.32 and its 200 day moving average is $30.55. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 EPS. As a group, sell-side analysts predict that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.35%. Corning’s dividend payout ratio is 157.75%.

Corning 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.