Kentucky Retirement Systems Lowers Stock Holdings in Corning Incorporated (NYSE:GLW)

Kentucky Retirement Systems lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 5.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 58,313 shares of the electronics maker’s stock after selling 3,124 shares during the quarter. Kentucky Retirement Systems’ holdings in Corning were worth $1,922,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cape Investment Advisory Inc. raised its holdings in Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares in the last quarter. Access Investment Management LLC purchased a new stake in Corning in the first quarter valued at approximately $28,000. EverSource Wealth Advisors LLC increased its holdings in shares of Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 823 shares during the period. Emfo LLC acquired a new position in Corning in the fourth quarter valued at $33,000. Finally, Future Financial Wealth Managment LLC acquired a new position in Corning in the 1st quarter valued at about $33,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Down 0.5 %

GLW stock traded down $0.20 during midday trading on Monday, hitting $42.65. 4,028,517 shares of the company’s stock were exchanged, compared to its average volume of 5,988,695. The stock has a market capitalization of $36.53 billion, a price-to-earnings ratio of 60.07, a price-to-earnings-growth ratio of 1.58 and a beta of 1.05. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The firm has a 50 day moving average price of $39.85 and a 200-day moving average price of $34.94. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period last year, the firm earned $0.41 earnings per share. On average, analysts anticipate that Corning Incorporated will post 1.94 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.63%. The ex-dividend date is Thursday, August 29th. Corning’s payout ratio is currently 157.75%.

Insider Transactions at Corning

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the transaction, the vice president now owns 57,280 shares in the company, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on GLW shares. Argus upped their price target on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Corning from $39.00 to $46.00 and gave the company a “hold” rating in a report on Tuesday, July 9th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday. Oppenheimer reaffirmed an “outperform” rating and set a $50.00 price objective (up from $40.00) on shares of Corning in a report on Wednesday, July 10th. Finally, Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research report on Monday, June 17th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $44.31.

Corning Company 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.