Corning Incorporated (NYSE:GLW) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund reduced its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 56.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,288 shares of the electronics maker's stock after selling 28,962 shares during the period. Kentucky Retirement Systems Insurance Trust Fund's holdings in Corning were worth $1,020,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in GLW. Vermillion Wealth Management Inc. purchased a new position in Corning during the fourth quarter worth about $29,000. Putney Financial Group LLC purchased a new position in Corning during the fourth quarter worth about $30,000. Mainstream Capital Management LLC purchased a new position in Corning during the fourth quarter worth about $35,000. Transce3nd LLC purchased a new position in Corning during the fourth quarter worth about $39,000. Finally, Union Bancaire Privee UBP SA purchased a new position in Corning during the fourth quarter worth about $40,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Up 0.1%

GLW stock traded up $0.07 on Wednesday, hitting $51.49. 4,267,454 shares of the company were exchanged, compared to its average volume of 5,735,325. The stock has a market capitalization of $44.10 billion, a price-to-earnings ratio of 99.02, a price-to-earnings-growth ratio of 1.39 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. The business's fifty day moving average is $47.68 and its two-hundred day moving average is $47.87. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $55.33.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio is presently 215.38%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GLW. Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Oppenheimer dropped their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. 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 report on Thursday, April 17th. Mizuho set a $52.00 target price on shares of Corning in a report on Tuesday, April 15th. Finally, Citigroup lowered their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $53.75.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Soumya Seetharam sold 6,505 shares of the business's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $50.01, for a total value of $325,315.05. Following the completion of the transaction, the senior vice president now owns 25,000 shares in the company, valued at approximately $1,250,250. This trade represents a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock worth $3,632,635 over the last quarter. 0.40% of the stock is owned by corporate insiders.

About Corning

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.