Kentucky Retirement Systems Reduces Stock Holdings in Corning Incorporated (NYSE:GLW)

Kentucky Retirement Systems decreased its stake in Corning Incorporated (NYSE:GLW) by 1.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 52,923 shares of the electronics maker’s stock after selling 729 shares during the quarter. Kentucky Retirement Systems’ holdings in Corning were worth $2,515,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Aspen Investment Management Inc boosted its holdings in shares of Corning by 388.2% in the 4th quarter. Aspen Investment Management Inc now owns 23,873 shares of the electronics maker’s stock worth $1,134,000 after purchasing an additional 18,983 shares during the period. ING Groep NV boosted its holdings in shares of Corning by 12.0% in the 4th quarter. ING Groep NV now owns 282,420 shares of the electronics maker’s stock worth $13,421,000 after purchasing an additional 30,322 shares during the period. Boston Financial Mangement LLC purchased a new position in shares of Corning in the 4th quarter worth approximately $386,000. Bryn Mawr Capital Management LLC boosted its holdings in shares of Corning by 134.7% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 40,528 shares of the electronics maker’s stock worth $1,926,000 after purchasing an additional 23,257 shares during the period. Finally, Private Advisor Group LLC boosted its holdings in shares of Corning by 5.2% in the 4th quarter. Private Advisor Group LLC now owns 115,919 shares of the electronics maker’s stock worth $5,508,000 after purchasing an additional 5,690 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The stock was 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. In the last three months, insiders sold 41,085 shares of company stock valued at $2,103,486. Corporate insiders own 0.40% of the company’s stock.

Corning Trading Down 0.8 %

Shares of NYSE GLW opened at $51.46 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The business has a fifty day simple moving average of $49.92 and a two-hundred day simple moving average of $46.65. The firm has a market cap of $44.08 billion, a PE ratio of 88.72, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is 193.11%.

Analysts Set New Price Targets

A number of brokerages have recently commented on GLW. Morgan Stanley lifted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Citigroup raised their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average target price of $53.00.

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.