Corning Incorporated (NYSE:GLW) Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its position in Corning Incorporated (NYSE:GLW - Free Report) by 8.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 306,511 shares of the electronics maker's stock after selling 28,529 shares during the quarter. Truist Financial Corp's holdings in Corning were worth $14,565,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. CIBC Asset Management Inc increased its position in shares of Corning by 2.5% during the fourth quarter. CIBC Asset Management Inc now owns 138,211 shares of the electronics maker's stock valued at $6,568,000 after buying an additional 3,311 shares during the period. Sanctuary Advisors LLC boosted its stake in Corning by 1.6% during the fourth quarter. Sanctuary Advisors LLC now owns 126,602 shares of the electronics maker's stock worth $6,329,000 after acquiring an additional 2,038 shares in the last quarter. Rational Advisors LLC boosted its stake in Corning by 42.3% during the fourth quarter. Rational Advisors LLC now owns 5,063 shares of the electronics maker's stock worth $241,000 after acquiring an additional 1,506 shares in the last quarter. Catalyst Capital Advisors LLC bought a new stake in Corning during the fourth quarter worth about $2,922,000. Finally, FengHe Fund Management Pte. Ltd. boosted its stake in Corning by 28.1% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 581,800 shares of the electronics maker's stock worth $27,647,000 after acquiring an additional 127,500 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Price Performance

Shares of NYSE:GLW traded down $0.41 during midday trading on Friday, reaching $51.46. 4,700,845 shares of the company were exchanged, compared to its average volume of 5,541,942. 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 business's fifty day moving average is $49.85 and its two-hundred day moving average is $46.61. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The stock has a market cap of $44.08 billion, a PE ratio of 88.72, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping 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, analysts predict that Corning Incorporated will post 2.33 earnings per share 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 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Friday, February 28th. Corning's dividend payout ratio is presently 193.11%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on GLW shares. Morgan Stanley boosted their price objective 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. Barclays dropped their price objective on shares of 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 upgraded shares of Corning from a "hold" rating to a "buy" rating in a research note on Tuesday, December 24th. UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $53.00.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 41,085 shares of company stock valued at $2,103,486 in the last 90 days. Company insiders own 0.40% of the company's stock.

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.