Teachers Retirement System of The State of Kentucky acquired a new position in Corning Incorporated (NYSE:GLW – Get Rating) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 217,893 shares of the electronics maker’s stock, valued at approximately $6,323,000.
Other hedge funds have also recently made changes to their positions in the company. Standard Family Office LLC bought a new position in shares of Corning in the 3rd quarter worth about $29,000. CI Investments Inc. raised its position in shares of Corning by 981.9% in the 3rd quarter. CI Investments Inc. now owns 1,017 shares of the electronics maker’s stock worth $30,000 after acquiring an additional 923 shares in the last quarter. Chilton Capital Management LLC bought a new position in shares of Corning in the 2nd quarter worth about $32,000. Core Alternative Capital raised its position in shares of Corning by 488.3% in the 3rd quarter. Core Alternative Capital now owns 1,206 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 1,001 shares in the last quarter. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Corning in the 3rd quarter worth about $35,000. 67.79% of the stock is owned by institutional investors.
Insider Buying and Selling at Corning
In other news, insider Li Fang sold 19,909 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total value of $700,199.53. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Li Fang sold 19,909 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total value of $700,199.53. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP John Z. Zhang sold 4,655 shares of the business’s stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $36.00, for a total value of $167,580.00. Following the completion of the transaction, the vice president now owns 5,744 shares in the company, valued at approximately $206,784. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.
Wall Street Analyst Weigh In
Corning Price Performance
GLW stock opened at $32.82 on Friday. The company has a market capitalization of $27.78 billion, a P/E ratio of 21.31, a price-to-earnings-growth ratio of 2.31 and a beta of 1.07. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.88 and a current ratio of 1.44. Corning Incorporated has a 52-week low of $28.98 and a 52-week high of $38.71. The business has a 50-day simple moving average of $35.10 and a two-hundred day simple moving average of $33.36.
Corning (NYSE:GLW – Get Rating) last released its quarterly earnings results on Tuesday, January 31st. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $3.54 billion. Corning had a return on equity of 14.82% and a net margin of 9.27%. The company’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.54 EPS. Research analysts expect that Corning Incorporated will post 1.96 EPS for the current fiscal year.
Corning Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 30th. Shareholders of record on Tuesday, February 28th will be paid a dividend of $0.28 per share. The ex-dividend date is Monday, February 27th. This represents a $1.12 dividend on an annualized basis and a yield of 3.41%. This is an increase from Corning’s previous quarterly dividend of $0.27. Corning’s payout ratio is 72.73%.
Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.
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