Corning Incorporated (NYSE:GLW) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky cut its position in Corning Incorporated (NYSE:GLWGet Rating) by 1.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 215,068 shares of the electronics maker’s stock after selling 2,364 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Corning were worth $7,938,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Corning during the 4th quarter worth $281,919,000. Prudential Financial Inc. grew its stake in Corning by 197.7% during the 1st quarter. Prudential Financial Inc. now owns 2,033,754 shares of the electronics maker’s stock worth $75,066,000 after purchasing an additional 1,350,499 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Corning by 77.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 3,083,940 shares of the electronics maker’s stock worth $113,828,000 after purchasing an additional 1,342,976 shares in the last quarter. Geode Capital Management LLC grew its stake in Corning by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock worth $531,311,000 after purchasing an additional 943,020 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Corning during the 1st quarter worth $29,668,000. 69.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on GLW. Citigroup lowered their target price on Corning from $37.00 to $36.00 and set a “neutral” rating for the company in a research note on Friday, September 9th. Deutsche Bank Aktiengesellschaft lowered their price objective on Corning from $39.00 to $37.00 and set a “hold” rating for the company in a research report on Thursday. JPMorgan Chase & Co. lowered their price objective on Corning from $45.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, July 14th. Susquehanna Bancshares lowered their price objective on Corning from $46.00 to $40.00 and set a “positive” rating for the company in a research report on Friday, September 9th. Finally, Credit Suisse Group initiated coverage on Corning in a research report on Tuesday, August 16th. They set a “neutral” rating and a $36.00 price objective for the company. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $40.27.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,575 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $36.70, for a total transaction of $204,602.50. Following the completion of the transaction, the senior vice president now directly owns 7,345 shares of the company’s stock, valued at approximately $269,561.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.36% of the stock is owned by company insiders.

Corning Stock Down 1.7 %

Corning stock opened at $32.06 on Friday. The stock has a 50-day simple moving average of $34.71 and a 200-day simple moving average of $34.96. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.91 and a current ratio of 1.43. The company has a market capitalization of $27.10 billion, a P/E ratio of 13.76, a PEG ratio of 2.28 and a beta of 1.00. Corning Incorporated has a fifty-two week low of $30.63 and a fifty-two week high of $43.47.

Corning (NYSE:GLWGet Rating) last posted its quarterly earnings data on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. The firm had revenue of $3.76 billion during the quarter, compared to the consensus estimate of $3.79 billion. Corning had a return on equity of 15.38% and a net margin of 13.73%. The firm’s revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.53 EPS. Equities research analysts expect that Corning Incorporated will post 2.2 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, August 31st will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Tuesday, August 30th. Corning’s dividend payout ratio is presently 46.35%.

Corning Company Profile

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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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