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

American Century Companies Inc. cut its position in Corning Incorporated (NYSE:GLW - Free Report) by 65.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of GLW. Amundi raised its position in shares of Corning by 139.0% in the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after buying an additional 2,268,436 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Corning during the fourth quarter valued at about $92,522,000. Appaloosa LP purchased a new stake in Corning during the fourth quarter valued at about $71,280,000. FMR LLC lifted its stake in Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Finally, State Street Corp increased its position in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock valued at $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

NYSE GLW traded down $3.21 during trading hours on Friday, hitting $39.08. The company's stock had a trading volume of 11,892,123 shares, compared to its average volume of 5,840,924. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company has a market cap of $33.48 billion, a P/E ratio of 67.37, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company's 50 day simple moving average is $48.95 and its two-hundred day simple moving average is $47.97. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33.

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Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping analysts' consensus estimates 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, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were given a $0.28 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.87%. Corning's payout ratio is 193.10%.

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 on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value 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 dated 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 sale, the chief operating officer now directly owns 152,944 shares of the company's stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

GLW has been the topic of several research reports. Morgan Stanley lifted their price target on shares of Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. Bank of America upped their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Finally, HSBC raised 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 research note on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $54.31.

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.