New York State Common Retirement Fund reduced its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 9.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 577,232 shares of the electronics maker's stock after selling 62,759 shares during the quarter. New York State Common Retirement Fund owned 0.07% of Corning worth $17,577,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in GLW. Peoples Bank KS bought a new position in Corning during the third quarter valued at about $25,000. OFI Invest Asset Management acquired a new position in shares of Corning in the 3rd quarter worth approximately $25,000. SRS Capital Advisors Inc. boosted its holdings in shares of Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker's stock worth $28,000 after acquiring an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new position in shares of Corning in the 4th quarter worth approximately $31,000. Finally, Emfo LLC acquired a new position in shares of Corning in the 4th quarter worth approximately $33,000. 69.80% of the stock is currently owned by institutional investors.
Corning Stock Up 1.5 %
Shares of Corning stock traded up $0.46 during trading hours on Monday, reaching $31.79. 5,595,648 shares of the company's stock were exchanged, compared to its average volume of 4,686,898. The company has a 50 day moving average of $32.28 and a two-hundred day moving average of $30.47. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The stock has a market cap of $27.19 billion, a P/E ratio of 47.31, a P/E/G ratio of 1.73 and a beta of 1.08.
Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 the consensus estimate of $3.26 billion. During the same period last year, the business posted $0.47 EPS. Corning's revenue was down 12.1% on a year-over-year basis. On average, sell-side analysts forecast that Corning Incorporated will post 1.87 EPS for the current fiscal year.
Corning Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.52%. Corning's dividend payout ratio (DPR) is currently 167.16%.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on the company. Susquehanna reaffirmed a "positive" rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. UBS Group upped their target price on shares of Corning from $34.00 to $35.00 and gave the company a "neutral" rating in a research report on Monday, April 8th. Morgan Stanley restated an "overweight" rating and issued a $35.00 price objective on shares of Corning in a research report on Monday, April 22nd. Barclays upped 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. Finally, JPMorgan Chase & Co. upped their price objective on shares of Corning from $34.00 to $36.00 and gave the company a "neutral" rating in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Corning presently has a consensus rating of "Hold" and a consensus target price of $34.78.
Check Out Our Latest Analysis on GLW
Insider Buying and Selling at Corning
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company's stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.40% 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.
Read More
Before you consider Corning, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Corning wasn't on the list.
While Corning currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
