Corning Incorporated (NYSE:GLW) Shares Sold by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado lessened its holdings in Corning Incorporated (NYSE:GLW) by 5.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 114,490 shares of the electronics maker’s stock after selling 6,101 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Corning were worth $3,774,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of GLW. Alaska Permanent Fund Corp boosted its position in Corning by 0.4% during the 1st quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after purchasing an additional 329 shares during the period. Level Four Advisory Services LLC raised its stake in Corning by 3.8% during 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 period. Madison Asset Management LLC grew its position in Corning by 0.7% in the 4th quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock worth $1,617,000 after purchasing an additional 349 shares during the last quarter. Patron Partners LLC grew its position in Corning by 2.4% in the 1st quarter. Patron Partners LLC now owns 14,761 shares of the electronics maker’s stock worth $487,000 after purchasing an additional 349 shares during the last quarter. Finally, First Trust Direct Indexing L.P. grew its position in Corning by 4.1% in the 1st quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock worth $303,000 after purchasing an additional 361 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on GLW. Susquehanna restated a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Oppenheimer reiterated an “outperform” rating and issued a $50.00 price objective (up from $40.00) on shares of Corning in a report on Wednesday, July 10th. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. UBS Group raised their price target on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Finally, Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research report on Monday, June 17th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $44.31.

Insider Buying and Selling

In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the transaction, the vice president now owns 57,280 shares in the company, valued at approximately $2,141,699.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold a total of 175,207 shares of company stock worth $5,876,067 in the last ninety days. Company insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of GLW traded down $0.09 during mid-day trading on Monday, reaching $42.76. The company had a trading volume of 7,395,891 shares, compared to its average volume of 6,013,667. The company’s 50 day simple moving average is $39.85 and its 200 day simple moving average is $34.94. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $46.39. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The company has a market capitalization of $36.63 billion, a price-to-earnings ratio of 60.07, a P/E/G ratio of 1.58 and a beta of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the company posted $0.41 EPS. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. Analysts expect that Corning Incorporated will post 1.94 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.62%. Corning’s dividend payout ratio is presently 157.75%.

Corning 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.