State of Alaska Department of Revenue cut its position in shares of Corning Incorporated (NYSE:GLW – Get Rating) by 12.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 223,047 shares of the electronics maker’s stock after selling 31,730 shares during the quarter. State of Alaska Department of Revenue’s holdings in Corning were worth $7,027,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Islay Capital Management LLC bought a new position in shares of Corning during the first quarter worth about $29,000. Mizuho Securities Co. Ltd. bought a new position in Corning in the first quarter valued at approximately $31,000. Rise Advisors LLC bought a new position in Corning in the fourth quarter valued at approximately $32,000. CVA Family Office LLC grew its stake in Corning by 589.3% in the first quarter. CVA Family Office LLC now owns 965 shares of the electronics maker’s stock valued at $36,000 after purchasing an additional 825 shares in the last quarter. Finally, Sandy Cove Advisors LLC bought a new position in Corning in the first quarter valued at approximately $44,000. 69.00% of the stock is currently owned by institutional investors.
Corning Price Performance
Corning stock opened at $32.37 on Tuesday. Corning Incorporated has a 12 month low of $30.63 and a 12 month high of $43.47. The company has a current ratio of 1.43, a quick ratio of 0.91 and a debt-to-equity ratio of 0.56. The business’s 50 day simple moving average is $34.71 and its 200 day simple moving average is $34.90. The company has a market cap of $27.36 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 2.25 and a beta of 1.00.
Corning Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, August 31st will be paid a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.34%. Corning’s dividend payout ratio (DPR) is currently 46.35%.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on GLW shares. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research note on Friday. Citigroup cut their price objective on Corning from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Friday, September 9th. Credit Suisse Group initiated coverage on Corning in a research report on Tuesday, August 16th. They issued a “neutral” rating and a $36.00 price objective for the company. Susquehanna dropped their price target on Corning from $46.00 to $40.00 and set a “positive” rating for the company in a report on Friday, September 9th. Finally, JPMorgan Chase & Co. dropped their price target on Corning from $45.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, July 14th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.27.
In other news, SVP John P. Bayne, Jr. sold 5,575 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $36.70, for a total transaction of $204,602.50. Following the transaction, the senior vice president now directly owns 7,345 shares of the company’s stock, valued at $269,561.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.36% of the company’s stock.
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.
- Get a free copy of the StockNews.com research report on Corning (GLW)
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