Teacher Retirement System of Texas Acquires 18,905 Shares of Corning Incorporated (GLW)
Teacher Retirement System of Texas raised its stake in shares of Corning Incorporated (NYSE:GLW) by 4.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 445,575 shares of the electronics maker’s stock after buying an additional 18,905 shares during the period. Teacher Retirement System of Texas’ holdings in Corning were worth $13,390,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the stock. Central Bank & Trust Co. boosted its stake in shares of Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock valued at $106,000 after buying an additional 3,282 shares in the last quarter. Coconut Grove Bank boosted its stake in shares of Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock valued at $108,000 after buying an additional 1,920 shares in the last quarter. Jacobus Wealth Management Inc. bought a new stake in shares of Corning during the first quarter valued at $108,000. Clean Yield Group bought a new stake in shares of Corning during the first quarter valued at $122,000. Finally, Grove Bank & Trust boosted its stake in shares of Corning by 31.7% in the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock valued at $158,000 after buying an additional 1,265 shares in the last quarter. 71.31% of the stock is currently owned by institutional investors and hedge funds.
Shares of Corning Incorporated (NYSE:GLW) opened at 28.57 on Wednesday. The firm has a 50-day moving average price of $29.78 and a 200 day moving average price of $28.67. The stock has a market cap of $25.80 billion, a price-to-earnings ratio of 12.76 and a beta of 1.40. Corning Incorporated has a 52 week low of $22.14 and a 52 week high of $32.17.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. The company had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.37 earnings per share. On average, analysts forecast that Corning Incorporated will post $1.71 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 2.17%. Corning’s dividend payout ratio (DPR) is 27.93%.
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GLW has been the topic of several analyst reports. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. BidaskClub cut Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Vetr upgraded Corning from a “sell” rating to a “buy” rating and set a $33.69 price target on the stock in a research report on Wednesday, June 28th. Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Tuesday, August 15th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $29.00 price target (up from $26.00) on shares of Corning in a research report on Monday, June 19th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $28.21.
In other Corning news, insider Clark S. Kinlin sold 40,717 shares of the firm’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the completion of the sale, the insider now owns 72,707 shares of the company’s stock, valued at $2,153,581.34. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Clark S. Kinlin sold 46,763 shares of the firm’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $28.53, for a total value of $1,334,148.39. Following the sale, the insider now directly owns 72,039 shares of the company’s stock, valued at approximately $2,055,272.67. The disclosure for this sale can be found here. In the last three months, insiders have sold 347,963 shares of company stock valued at $10,209,969. 0.59% of the stock is owned by insiders.
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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