Kentucky Retirement Systems Insurance Trust Fund Sells 693 Shares of Corning Incorporated (NYSE:GLW)

Kentucky Retirement Systems Insurance Trust Fund cut its position in Corning Incorporated (NYSE:GLW) by 2.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 27,356 shares of the electronics maker’s stock after selling 693 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Corning were worth $833,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GLW. Brown Advisory Inc. lifted its position in Corning by 1.4% during the fourth quarter. Brown Advisory Inc. now owns 129,056 shares of the electronics maker’s stock valued at $3,930,000 after purchasing an additional 1,758 shares during the period. Summit X LLC raised its holdings in shares of Corning by 23.1% during the fourth quarter. Summit X LLC now owns 8,386 shares of the electronics maker’s stock valued at $255,000 after acquiring an additional 1,575 shares during the last quarter. Level Four Advisory Services LLC boosted its stake in shares of Corning by 3.8% in the fourth quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock worth $287,000 after acquiring an additional 343 shares during the last quarter. Financial Advocates Investment Management grew its holdings in shares of Corning by 15.8% during the fourth quarter. Financial Advocates Investment Management now owns 7,841 shares of the electronics maker’s stock worth $239,000 after buying an additional 1,071 shares in the last quarter. Finally, Oppenheimer & Close LLC grew its stake in Corning by 1.5% during the 4th quarter. Oppenheimer & Close LLC now owns 102,621 shares of the electronics maker’s stock valued at $3,125,000 after acquiring an additional 1,504 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

NYSE GLW opened at $35.40 on Monday. The company has a fifty day moving average of $32.73 and a two-hundred day moving average of $31.18. The company has a market capitalization of $30.32 billion, a PE ratio of 49.79, a P/E/G ratio of 1.70 and a beta of 1.07. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business’s revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the company posted $0.41 earnings per share. As a group, analysts expect that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st 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 3.16%. The ex-dividend date is Friday, May 31st. Corning’s dividend payout ratio (DPR) is 157.75%.

Analysts Set New Price Targets

Several research analysts recently weighed in on GLW shares. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. UBS Group boosted their price target on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. increased their price objective on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Finally, StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $35.00.

Insider Activity

In other news, VP Martin J. Curran sold 16,416 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the transaction, the vice president now owns 65,598 shares in the company, valued at approximately $2,210,652.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the transaction, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The disclosure for this sale can be found here. Insiders sold 239,841 shares of company stock valued at $7,971,257 in the last three months. 0.45% of the stock is currently owned by company insiders.

Corning Company Profile

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.