Corning Incorporated (GLW) Position Reduced by Retirement Systems of Alabama
Retirement Systems of Alabama decreased its position in shares of Corning Incorporated (NYSE:GLW) by 1.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 438,183 shares of the electronics maker’s stock after selling 7,994 shares during the period. Retirement Systems of Alabama owned 0.05% of Corning worth $13,110,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the stock. GLG Partners LP bought a new position in shares of Corning in the second quarter valued at $102,000. MPS Loria Financial Planners LLC bought a new position in shares of Corning in the second quarter valued at $112,000. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Corning by 241.6% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after buying an additional 2,650 shares in the last quarter. Central Bank & Trust Co. increased its holdings in shares of Corning by 8.8% in the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after buying an additional 345 shares in the last quarter. Finally, Harfst & Associates Inc. increased its holdings in shares of Corning by 44.7% in the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after buying an additional 1,481 shares in the last quarter. 73.54% of the stock is currently owned by hedge funds and other institutional investors.
In other Corning news, insider Mark S. Rogus sold 9,242 shares of the business’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total transaction of $296,853.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Hansel E. Tookes II sold 6,513 shares of the business’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $31.60, for a total transaction of $205,810.80. Following the transaction, the director now directly owns 88,946 shares of the company’s stock, valued at approximately $2,810,693.60. The disclosure for this sale can be found here. Insiders sold 422,449 shares of company stock valued at $12,907,983 over the last quarter. 0.59% of the stock is currently owned by corporate insiders.
GLW has been the topic of several research analyst reports. Drexel Hamilton reiterated a “sell” rating and set a $17.50 price objective on shares of Corning in a research report on Wednesday, July 26th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Jefferies Group LLC reiterated a “hold” rating and set a $29.50 price objective on shares of Corning in a research report on Thursday, July 27th. Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective on the stock in a research report on Thursday, July 27th. Finally, BidaskClub cut shares of Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and an average price target of $29.28.
Shares of Corning Incorporated (NYSE GLW) opened at $31.65 on Friday. The stock has a market cap of $27,510.00, a price-to-earnings ratio of 18.00, a P/E/G ratio of 2.61 and a beta of 1.33. Corning Incorporated has a fifty-two week low of $23.48 and a fifty-two week high of $32.33. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. Corning’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.42 earnings per share. analysts anticipate that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio is presently 26.38%.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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