Alaska Permanent Fund Corp Grows Holdings in Corning Incorporated (NYSE:GLW)

Alaska Permanent Fund Corp raised its position in Corning Incorporated (NYSE:GLW) by 0.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 83,222 shares of the electronics maker’s stock after purchasing an additional 438 shares during the period. Alaska Permanent Fund Corp’s holdings in Corning were worth $2,534,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Harvest Investment Advisors LLC increased its stake in shares of Corning by 1.0% during the third quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock worth $1,106,000 after purchasing an additional 364 shares in the last quarter. Venture Visionary Partners LLC increased its stake in shares of Corning by 2.0% during the fourth quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock worth $589,000 after purchasing an additional 380 shares in the last quarter. Fiera Capital Corp increased its stake in shares of Corning by 2.7% during the third quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock worth $450,000 after purchasing an additional 385 shares in the last quarter. New World Advisors LLC increased its stake in shares of Corning by 3.5% during the fourth quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock worth $359,000 after purchasing an additional 400 shares in the last quarter. Finally, Western Wealth Management LLC increased its stake in shares of Corning by 1.6% during the third quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock worth $784,000 after purchasing an additional 405 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on GLW shares. UBS Group boosted their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Susquehanna restated a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. Morgan Stanley restated an “overweight” rating and set a $35.00 price target on shares of Corning in a research report on Monday. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. increased 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 given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $34.78.

Corning Stock Performance

Shares of GLW stock traded down $0.21 during mid-day trading on Thursday, hitting $31.31. The stock had a trading volume of 374,329 shares, compared to its average volume of 4,643,713. The company’s 50-day simple moving average is $32.30 and its 200-day simple moving average is $30.43. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The firm has a market cap of $26.78 billion, a PE ratio of 47.04, a PEG ratio of 1.75 and a beta of 1.08. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share 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 firm 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 firm posted $0.47 EPS. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. Sell-side analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.58%. Corning’s dividend payout ratio is presently 167.16%.

Insider Buying and Selling

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.40% of the company’s stock.

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.