Teachers Retirement System of The State of Kentucky Cuts Stake in Corning Incorporated (NYSE:GLW)

Teachers Retirement System of The State of Kentucky cut its stake in Corning Incorporated (NYSE:GLWGet Rating) by 1.1% during the 1st quarter, HoldingsChannel reports. The firm 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 SEC filing.

Several other hedge funds also recently added to or reduced their stakes in GLW. Norges Bank purchased a new position in Corning in the fourth quarter valued at about $281,919,000. Prudential Financial Inc. grew its stake in shares of Corning by 197.7% during the first quarter. Prudential Financial Inc. now owns 2,033,754 shares of the electronics maker’s stock valued at $75,066,000 after acquiring an additional 1,350,499 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Corning by 77.1% during the first quarter. Envestnet Asset Management Inc. now owns 3,083,940 shares of the electronics maker’s stock valued at $113,828,000 after acquiring an additional 1,342,976 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Corning by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock valued at $531,311,000 after acquiring an additional 943,020 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Corning during the first quarter valued at about $29,668,000. 69.00% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,575 shares of Corning 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 sale, the senior vice president now owns 7,345 shares of the company’s stock, valued at $269,561.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GLW. Credit Suisse Group began coverage on Corning in a research note on Tuesday, August 16th. They set a “neutral” rating and a $36.00 target price for the company. Susquehanna Bancshares lowered their target price on Corning from $46.00 to $40.00 and set a “positive” rating for the company in a research note on Friday, September 9th. Deutsche Bank Aktiengesellschaft decreased their price target on Corning from $39.00 to $37.00 and set a “hold” rating for the company in a research note on Thursday. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Susquehanna decreased their price target on Corning from $46.00 to $40.00 and set a “positive” rating for the company in a research note on Friday, September 9th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.27.

Corning Stock Performance

Shares of GLW stock opened at $32.06 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.43 and a debt-to-equity ratio of 0.56. The business has a 50 day moving average of $34.71 and a two-hundred day moving average of $34.96. Corning Incorporated has a 52 week low of $30.63 and a 52 week high of $43.47. The company has a market cap of $27.10 billion, a P/E ratio of 13.76, a PEG ratio of 2.28 and a beta of 1.00.

Corning (NYSE:GLWGet Rating) last issued its earnings results on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. The company 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%. Corning’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.53 earnings per share. As a group, analysts anticipate that Corning Incorporated will post 2.2 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, August 31st will be issued a dividend of $0.27 per share. The ex-dividend date is Tuesday, August 30th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.37%. Corning’s dividend payout ratio (DPR) is presently 46.35%.

About Corning

(Get Rating)

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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