Kentucky Retirement Systems Has $1.92 Million Stake in Corning Incorporated (NYSE:GLW)

Kentucky Retirement Systems reduced its stake in Corning Incorporated (NYSE:GLW) by 5.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,313 shares of the electronics maker’s stock after selling 3,124 shares during the quarter. Kentucky Retirement Systems’ holdings in Corning were worth $1,922,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Cape Investment Advisory Inc. lifted its holdings in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares in the last quarter. Access Investment Management LLC bought a new stake in shares of Corning in the first quarter worth $28,000. EverSource Wealth Advisors LLC lifted its position in shares of Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares in the last quarter. Emfo LLC acquired a new position in Corning during the fourth quarter worth $33,000. Finally, Future Financial Wealth Managment LLC bought a new stake in Corning during the 1st quarter worth about $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 0.5 %

Corning stock traded down $0.20 during mid-day trading on Monday, hitting $42.65. 4,028,517 shares of the stock were exchanged, compared to its average volume of 5,988,695. The firm’s fifty day simple moving average is $39.85 and its two-hundred day simple moving average is $34.94. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39. The stock has a market capitalization of $36.53 billion, a price-to-earnings ratio of 60.07, a PEG ratio of 1.58 and a beta of 1.05.

Corning (NYSE:GLW) last released its quarterly earnings data 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. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period last year, the firm earned $0.41 earnings per share. Analysts forecast that Corning Incorporated will post 1.94 EPS for the current year.

Corning Announces Dividend

The business 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 of this dividend is Thursday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.63%. Corning’s payout ratio is 157.75%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Susquehanna reiterated a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Oppenheimer reaffirmed an “outperform” rating and set a $50.00 price objective (up from $40.00) on shares of Corning in a research report on Wednesday, July 10th. Finally, UBS Group upped their price target on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Corning presently has a consensus rating of “Hold” and a consensus target price of $44.31.

Insider Activity at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the sale, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now owns 31,294 shares of the company’s stock, 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 valued at $5,876,067 over the last 90 days. 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.