Nuveen Asset Management LLC Sells 8,159 Shares of Corning Incorporated (NYSE:GLW)

Nuveen Asset Management LLC decreased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 0.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,355,585 shares of the electronics maker's stock after selling 8,159 shares during the quarter. Nuveen Asset Management LLC owned about 0.28% of Corning worth $111,937,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Sound Income Strategies LLC boosted its position in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new position in Corning during the fourth quarter valued at $25,000. Asset Planning Inc bought a new stake in shares of Corning during the 4th quarter valued at $29,000. Mainstream Capital Management LLC purchased a new stake in shares of Corning in the 4th quarter worth about $35,000. Finally, JFS Wealth Advisors LLC grew its position in shares of Corning by 171.8% in the 4th quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker's stock worth $38,000 after buying an additional 512 shares during the period. Institutional investors own 69.80% of the company's stock.

Insiders Place Their Bets

In related news, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the transaction, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Corning Stock Performance

GLW traded up $0.20 during mid-day trading on Wednesday, reaching $48.18. 9,013,818 shares of the company traded hands, compared to its average volume of 5,962,170. The company's fifty day moving average price is $44.70 and its 200-day moving average price is $47.50. The stock has a market capitalization of $41.26 billion, a P/E ratio of 83.06, a P/E/G ratio of 1.50 and a beta of 1.09. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52-week low of $35.40 and a 52-week high of $55.33.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. Corning's revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.38 earnings per share. On average, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning's dividend payout ratio is currently 215.38%.

Analysts Set New Price Targets

GLW has been the topic of several research reports. Bank of America boosted their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Barclays cut their price target on Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 29th. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Oppenheimer cut their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, HSBC upgraded Corning from a "hold" rating to a "buy" rating and raised their price target for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $53.08.

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.