Teacher Retirement System of Texas lowered its position in shares of Corning Inc. (NYSE:GLW) by 4.0% in the first quarter, Holdings Channel reports. The institutional investor owned 418,410 shares of the electronics maker’s stock after selling 17,396 shares during the quarter. Teacher Retirement System of Texas’ holdings in Corning were worth $11,665,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Motco increased its holdings in Corning by 150.4% in the 4th quarter. Motco now owns 3,538 shares of the electronics maker’s stock valued at $113,000 after purchasing an additional 2,125 shares during the last quarter. Financial Advocates Investment Management acquired a new stake in Corning in the 4th quarter valued at approximately $130,000. Bray Capital Advisors acquired a new stake in Corning in the 1st quarter valued at approximately $132,000. Valeo Financial Advisors LLC increased its holdings in Corning by 163.9% in the 4th quarter. Valeo Financial Advisors LLC now owns 4,991 shares of the electronics maker’s stock valued at $160,000 after purchasing an additional 3,100 shares during the last quarter. Finally, Resources Investment Advisors Inc. increased its holdings in Corning by 611.0% in the 4th quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock valued at $166,000 after purchasing an additional 4,460 shares during the last quarter. Institutional investors and hedge funds own 70.13% of the company’s stock.
Several research firms recently weighed in on GLW. Oppenheimer reiterated a “hold” rating on shares of Corning in a report on Wednesday, January 31st. Citigroup boosted their price target on shares of Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. ValuEngine downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, April 24th. Guggenheim restated a “buy” rating and issued a $35.00 price target on shares of Corning in a research note on Tuesday, April 24th. Finally, TheStreet downgraded shares of Corning from a “b-” rating to a “c+” rating in a research note on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $31.14.
In other news, VP Christine M. Pambianchi sold 1,000 shares of Corning stock in a transaction on Monday, March 12th. The shares were sold at an average price of $29.90, for a total transaction of $29,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is currently owned by insiders.
Corning opened at $27.69 on Monday, Marketbeat reports. The firm has a market capitalization of $22.99 billion, a price-to-earnings ratio of 16.10, a price-to-earnings-growth ratio of 4.02 and a beta of 1.35. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.56 and a quick ratio of 1.95. Corning Inc. has a 52 week low of $26.11 and a 52 week high of $35.10.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 24th. The electronics maker reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.01. The business had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.49 billion. Corning had a negative net margin of 11.44% and a positive return on equity of 11.66%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.36 EPS. sell-side analysts anticipate that Corning Inc. will post 1.72 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Thursday, May 3rd will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, May 2nd. This represents a $0.72 annualized dividend and a dividend yield of 2.60%. Corning’s dividend payout ratio (DPR) is currently 41.86%.
Corning Company Profile
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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