Teachers Retirement System of The State of Kentucky Reduces Stock Holdings in Corning Incorporated (NYSE:GLW)

Teachers Retirement System of The State of Kentucky trimmed its holdings in Corning Incorporated (NYSE:GLW) by 5.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 57,365 shares of the electronics maker’s stock after selling 3,519 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Corning were worth $2,590,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. City Holding Co. increased its position in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new position in Corning during the third quarter worth about $39,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of Corning during the third quarter valued at about $40,000. Global Trust Asset Management LLC raised its stake in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares during the period. Finally, Venturi Wealth Management LLC lifted its holdings in shares of Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after acquiring an additional 473 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GLW. UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Wednesday, December 4th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Bank of America increased their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, Barclays upped their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Down 0.9 %

NYSE:GLW opened at $48.15 on Monday. The company has a market capitalization of $41.23 billion, a PE ratio of 283.24, a P/E/G ratio of 1.54 and a beta of 1.03. Corning Incorporated has a 52-week low of $29.71 and a 52-week high of $51.03. The stock’s 50 day moving average price is $47.57 and its 200 day moving average price is $43.41. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced 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 net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the firm posted $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, research analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 15th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. Corning’s payout ratio is 658.82%.

Insider Transactions at Corning

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

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.