Corning Incorporated (NYSE:GLW) Stake Cut by Retirement Systems of Alabama

Retirement Systems of Alabama decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 168,339 shares of the electronics maker’s stock after selling 1,727 shares during the period. Retirement Systems of Alabama’s holdings in Corning were worth $7,601,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. West Oak Capital LLC grew its position in shares of Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after buying an additional 215 shares during the last quarter. Lake Street Advisors Group LLC grew its holdings in shares of Corning by 4.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares during the last quarter. SteelPeak Wealth LLC grew its holdings in shares of Corning by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after purchasing an additional 239 shares during the last quarter. Grove Bank & Trust lifted its holdings in shares of Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. boosted its position in Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after purchasing an additional 250 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of NYSE GLW opened at $47.76 on Wednesday. Corning Incorporated has a 1 year low of $29.71 and a 1 year high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a fifty day moving average price of $47.71 and a two-hundred day moving average price of $43.58. The firm has a market cap of $40.89 billion, a P/E ratio of 280.94, a PEG ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the company earned $0.45 earnings per share. Corning’s revenue was up 6.9% compared to the same quarter last year. Research analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 15th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend was Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Bank of America lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Morgan Stanley lifted their price target on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday. Finally, StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Monday. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $50.77.

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.