Kentucky Retirement Systems Sells 4,445 Shares of Corning Incorporated (NYSE:GLW)

Kentucky Retirement Systems decreased its position in Corning Incorporated (NYSE:GLW) by 7.7% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 53,652 shares of the electronics maker’s stock after selling 4,445 shares during the period. Kentucky Retirement Systems’ holdings in Corning were worth $2,422,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the company. Mitsubishi UFJ Trust & Banking Corp lifted its position in Corning by 0.5% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 444,777 shares of the electronics maker’s stock worth $14,659,000 after buying an additional 2,079 shares in the last quarter. TIAA Trust National Association boosted its position in Corning by 13.3% during the first quarter. TIAA Trust National Association now owns 12,778 shares of the electronics maker’s stock worth $421,000 after purchasing an additional 1,496 shares during the period. Jacobi Capital Management LLC lifted its stake in shares of Corning by 11.1% during the 1st quarter. Jacobi Capital Management LLC now owns 10,212 shares of the electronics maker’s stock worth $337,000 after buying an additional 1,020 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in shares of Corning by 21.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 29,591 shares of the electronics maker’s stock worth $975,000 after buying an additional 5,151 shares during the period. Finally, Bessemer Group Inc. grew its stake in Corning by 3.1% in the 1st quarter. Bessemer Group Inc. now owns 24,655 shares of the electronics maker’s stock valued at $812,000 after buying an additional 743 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the subject of several research reports. Oppenheimer restated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Bank of America upped their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their price target for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Stock Down 1.2 %

Shares of GLW opened at $46.49 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03. The company has a market cap of $39.81 billion, a P/E ratio of 273.47, a P/E/G ratio of 1.49 and a beta of 1.03. The firm has a 50 day simple moving average of $45.74 and a two-hundred day simple moving average of $41.59.

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, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.45 earnings per share. Research analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 658.82%.

Corning Company 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.