Corning Incorporated (NYSE:GLW) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue decreased its holdings in shares of Corning Incorporated (NYSE:GLWFree Report) by 2.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 184,988 shares of the electronics maker’s stock after selling 4,765 shares during the period. State of Alaska Department of Revenue’s holdings in Corning were worth $5,632,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Peoples Bank KS acquired a new stake in shares of Corning during the third quarter worth about $25,000. OFI Invest Asset Management acquired a new stake in shares of Corning during the third quarter worth about $25,000. Janiczek Wealth Management LLC lifted its position in Corning by 173.6% in the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 571 shares during the period. Pacifica Partners Inc. acquired a new stake in Corning in the third quarter valued at about $28,000. Finally, SRS Capital Advisors Inc. lifted its position in Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on GLW shares. Barclays raised their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday. Finally, UBS Group lifted their price target on shares of Corning from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $33.67.

Get Our Latest Stock Analysis on GLW

Corning Trading Down 0.9 %

Shares of GLW opened at $32.67 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The firm has a 50 day simple moving average of $32.26 and a 200-day simple moving average of $30.29. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The stock has a market cap of $27.94 billion, a price-to-earnings ratio of 48.75, a price-to-earnings-growth ratio of 1.88 and a beta of 1.08.

Corning (NYSE:GLWGet Free Report) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same period last year, the company posted $0.47 EPS. The company’s revenue was down 12.1% on a year-over-year basis. Equities analysts forecast that Corning Incorporated will post 1.86 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.43%. Corning’s dividend payout ratio (DPR) is 167.16%.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.45% of the company’s stock.

Corning Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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