Kentucky Retirement Systems Insurance Trust Fund Trims Position in Corning Incorporated (NYSE:GLW)

Kentucky Retirement Systems Insurance Trust Fund cut its position in Corning Incorporated (NYSE:GLW) by 7.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,340 shares of the electronics maker’s stock after selling 2,016 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Corning were worth $835,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of GLW. Cape Investment Advisory Inc. boosted its position in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares during the last quarter. Access Investment Management LLC bought a new position in shares of Corning during the first quarter worth $28,000. EverSource Wealth Advisors LLC boosted its position in shares of Corning by 347.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 823 shares during the last quarter. Emfo LLC bought a new position in shares of Corning during the fourth quarter worth $33,000. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Corning during the first quarter worth $33,000. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Mizuho increased their price objective on shares of Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, June 18th. 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. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $39.00 to $46.00 and gave the stock a “hold” rating in a research note on Tuesday, July 9th. Finally, UBS Group raised their price target on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Corning presently has an average rating of “Hold” and a consensus target price of $44.31.

Corning Stock Down 0.5 %

NYSE GLW traded down $0.20 during trading on Monday, reaching $42.65. 4,028,517 shares of the company’s stock traded hands, compared to its average volume of 5,990,283. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The firm has a market cap of $36.53 billion, a price-to-earnings ratio of 60.07, a price-to-earnings-growth ratio of 1.58 and a beta of 1.05. The company’s 50 day simple moving average is $39.85 and its two-hundred day simple moving average is $34.94. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS 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 business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the firm posted $0.41 EPS. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, sell-side analysts forecast that Corning Incorporated will post 1.94 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio is currently 157.75%.

Insider Activity

In related news, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction that occurred 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 sale, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Martin J. Curran sold 16,416 shares of the company’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 sale, the vice president now directly owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 175,207 shares of company stock worth $5,876,067. Corporate insiders own 0.40% of the company’s stock.

About Corning

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.