Arizona State Retirement System Acquires 7,454 Shares of Corning Incorporated (NYSE:GLW)

Arizona State Retirement System boosted its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 3.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 238,758 shares of the electronics maker's stock after purchasing an additional 7,454 shares during the period. Arizona State Retirement System's holdings in Corning were worth $10,930,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. lifted its holdings in Corning by 9.7% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after purchasing an additional 214 shares during the last quarter. Seeds Investor LLC lifted its holdings in Corning by 3.0% during the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock valued at $366,000 after purchasing an additional 221 shares during the last quarter. CreativeOne Wealth LLC lifted its holdings in Corning by 2.4% during the 4th quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock valued at $484,000 after purchasing an additional 238 shares during the last quarter. Old North State Wealth Management LLC lifted its holdings in Corning by 0.6% during the 1st quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock valued at $1,836,000 after purchasing an additional 239 shares during the last quarter. Finally, Colonial Trust Co SC lifted its holdings in Corning by 3.8% during the 4th quarter. Colonial Trust Co SC now owns 7,138 shares of the electronics maker's stock valued at $339,000 after purchasing an additional 258 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on GLW shares. JPMorgan Chase & Co. dropped their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Oppenheimer reduced their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Wolfe Research initiated coverage on Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Bank of America raised their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Finally, UBS Group boosted their price objective on Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $56.36.

Insider Activity

In related news, SVP Soumya Seetharam sold 14,313 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total transaction of $715,793.13. Following the completion of the transaction, the senior vice president owned 31,505 shares in the company, valued at approximately $1,575,565.05. The trade was a 31.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the transaction, the senior vice president owned 16,117 shares of the company's stock, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.32% of the stock is currently owned by company insiders.

Corning Trading Down 1.1%

GLW traded down $0.60 during trading on Tuesday, reaching $52.53. 3,780,148 shares of the company's stock were exchanged, compared to its average volume of 5,322,968. The company's fifty day moving average price is $50.02 and its 200-day moving average price is $48.30. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $55.33. The firm has a market capitalization of $44.99 billion, a PE ratio of 101.01, a P/E/G ratio of 1.43 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.38 earnings per share. As a group, equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is currently 215.38%.

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.