Corning Incorporated (GLW) Shares Bought by TIAA CREF Investment Management LLC

TIAA CREF Investment Management LLC raised its stake in Corning Incorporated (NYSE:GLW) by 23.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,922,314 shares of the electronics maker’s stock after acquiring an additional 746,695 shares during the period. TIAA CREF Investment Management LLC owned 0.43% of Corning worth $117,866,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. Jacobus Wealth Management Inc. acquired a new stake in shares of Corning during the first quarter worth about $108,000. Clean Yield Group acquired a new stake in shares of Corning during the first quarter worth about $122,000. Central Bank & Trust Co. boosted its stake in shares of Corning by 8.8% during the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after buying an additional 345 shares during the period. Grove Bank & Trust boosted its stake in shares of Corning by 31.7% during the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after buying an additional 1,265 shares during the period. Finally, AT Bancorp acquired a new stake in shares of Corning during the second quarter worth about $184,000. Institutional investors own 71.30% of the company’s stock.

Corning Incorporated (GLW) opened at 30.10 on Friday. Corning Incorporated has a one year low of $22.23 and a one year high of $32.17. The firm has a 50-day moving average of $28.89 and a 200-day moving average of $28.87. The stock has a market capitalization of $27.19 billion, a PE ratio of 13.44 and a beta of 1.40.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.37 EPS. On average, equities research analysts forecast that Corning Incorporated will post $1.70 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio is currently 27.93%.

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GLW has been the subject of several recent research reports. Susquehanna Bancshares Inc reiterated a “positive” rating and set a $35.00 target price on shares of Corning in a research note on Thursday, August 24th. BidaskClub downgraded shares of Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Drexel Hamilton reiterated a “sell” rating and set a $17.50 target price on shares of Corning in a research note on Wednesday, July 26th. Guggenheim reiterated a “buy” rating and set a $35.00 target price on shares of Corning in a research note on Thursday. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $27.50 target price on shares of Corning in a research note on Friday, July 14th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Corning currently has an average rating of “Hold” and an average target price of $28.98.

In other news, VP Christine M. Pambianchi sold 33,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total value of $942,480.00. Following the completion of the sale, the vice president now directly owns 73,145 shares of the company’s stock, valued at approximately $2,089,021.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the completion of the sale, the insider now directly owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,888 shares of company stock valued at $3,653,485. Company insiders own 0.59% of the company’s stock.

Corning Profile

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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