Kentucky Retirement Systems Trims Stake in Corning Incorporated (NYSE:GLW)

Kentucky Retirement Systems lessened its holdings in Corning Incorporated (NYSE:GLW) by 1.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 52,328 shares of the electronics maker’s stock after selling 595 shares during the period. Kentucky Retirement Systems’ holdings in Corning were worth $2,396,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Vermillion Wealth Management Inc. purchased a new stake in shares of Corning in the 4th quarter valued at about $29,000. Putney Financial Group LLC bought a new position in shares of Corning in the fourth quarter worth approximately $30,000. Mainstream Capital Management LLC purchased a new stake in Corning in the fourth quarter valued at approximately $35,000. Transce3nd LLC bought a new stake in Corning during the fourth quarter valued at approximately $39,000. Finally, Union Bancaire Privee UBP SA purchased a new position in Corning in the 4th quarter worth approximately $40,000. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of NYSE:GLW opened at $51.80 on Tuesday. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The company has a 50-day moving average price of $47.28 and a 200-day moving average price of $47.83. The company has a market cap of $44.37 billion, a price-to-earnings ratio of 99.62, a price-to-earnings-growth ratio of 1.36 and a beta of 1.11. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $55.33.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same quarter in the prior year, the company posted $0.38 EPS. Corning’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a $0.28 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.16%. Corning’s dividend payout ratio (DPR) is presently 215.38%.

Analyst Ratings Changes

A number of research firms have weighed in on GLW. Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. cut their target price on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Wall Street Zen downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Citigroup cut their price objective on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $53.75.

Insider Transactions at Corning

In other Corning news, SVP Soumya Seetharam sold 6,505 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total value of $325,315.05. Following the completion of the transaction, the senior vice president now owns 25,000 shares in the company, valued at approximately $1,250,250. This represents a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,796 shares of company stock valued at $3,632,635. Company insiders own 0.32% of the company’s stock.

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.