Corning Incorporated (NYSE:GLW) Shares Acquired by Alaska Permanent Fund Corp

Alaska Permanent Fund Corp boosted its stake in Corning Incorporated (NYSE:GLW) by 0.4% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 83,551 shares of the electronics maker’s stock after acquiring an additional 329 shares during the quarter. Alaska Permanent Fund Corp’s holdings in Corning were worth $2,754,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Osher Van de Voorde Investment Management acquired a new position in shares of Corning during the 1st quarter worth about $15,323,000. New Hampshire Trust acquired a new position in Corning in the 1st quarter valued at $266,000. Massmutual Trust Co. FSB ADV lifted its holdings in Corning by 75.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after purchasing an additional 24,421 shares in the last quarter. Rise Advisors LLC boosted its stake in Corning by 76.2% during the 1st quarter. Rise Advisors LLC now owns 1,669 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 722 shares during the last quarter. Finally, Mather Group LLC. purchased a new stake in shares of Corning during the first quarter worth $86,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on GLW shares. UBS Group raised their price target on shares of Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Thursday, May 30th. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Mizuho lifted their price objective on Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a report on Monday. Finally, Morgan Stanley lowered shares of Corning from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $35.00 to $38.00 in a report on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $37.92.

Corning Stock Down 0.7 %

Corning stock traded down $0.29 during mid-day trading on Thursday, reaching $39.92. 3,524,621 shares of the company’s stock were exchanged, compared to its average volume of 5,110,857. The company has a fifty day moving average of $34.84 and a 200-day moving average of $32.63. The company has a market cap of $34.20 billion, a P/E ratio of 56.63, a P/E/G ratio of 1.83 and a beta of 1.08. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $40.45.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the business posted $0.41 earnings per share. Corning’s revenue was down 11.5% compared to the same quarter last year. Sell-side analysts expect that Corning Incorporated will post 1.9 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 2.81%. Corning’s dividend payout ratio is currently 157.75%.

Insiders Place Their Bets

In other news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock worth $5,876,067 in the last 90 days. Corporate insiders own 0.40% of the company’s stock.

About Corning

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.