Corning Incorporated (GLW) Holdings Lessened by Teacher Retirement System of Texas
Teacher Retirement System of Texas lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 443,921 shares of the electronics maker’s stock after selling 1,654 shares during the period. Teacher Retirement System of Texas owned about 0.05% of Corning worth $13,282,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Corning by 0.5% during the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock valued at $1,650,659,000 after buying an additional 326,877 shares during the period. Amalgamated Bank boosted its holdings in shares of Corning by 6.1% in the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock valued at $1,806,000 after purchasing an additional 3,862 shares during the period. Andra AP fonden boosted its holdings in shares of Corning by 3.4% in the second quarter. Andra AP fonden now owns 166,100 shares of the electronics maker’s stock valued at $4,991,000 after purchasing an additional 5,500 shares during the period. Legal & General Group Plc boosted its holdings in shares of Corning by 2.9% in the second quarter. Legal & General Group Plc now owns 5,063,968 shares of the electronics maker’s stock valued at $152,175,000 after purchasing an additional 144,400 shares during the period. Finally, Convergence Investment Partners LLC boosted its holdings in shares of Corning by 21.1% in the second quarter. Convergence Investment Partners LLC now owns 101,315 shares of the electronics maker’s stock valued at $3,045,000 after purchasing an additional 17,670 shares during the period. Institutional investors and hedge funds own 73.54% of the company’s stock.
GLW has been the subject of a number of research reports. Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $35.00 price target on shares of Corning in a report on Thursday, August 24th. BidaskClub lowered Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Drexel Hamilton reiterated a “sell” rating and issued a $17.50 price target on shares of Corning in a report on Wednesday, July 26th. Jefferies Group LLC restated a “hold” rating and set a $29.50 target price on shares of Corning in a report on Friday, October 6th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $29.28.
In other Corning news, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the sale, the chief executive officer now owns 65,333 shares in the company, valued at approximately $2,049,496.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Christine M. Pambianchi sold 33,000 shares of the stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following the completion of the sale, the vice president now owns 73,145 shares of the company’s stock, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. Insiders have sold a total of 422,449 shares of company stock worth $12,907,983 over the last ninety days. 0.59% of the stock is owned by insiders.
Shares of Corning Incorporated (GLW) traded up $0.33 on Friday, reaching $31.65. The company’s stock had a trading volume of 4,753,300 shares, compared to its average volume of 6,227,440. The firm has a market cap of $27,510.00, a P/E ratio of 18.00, a P/E/G ratio of 2.61 and a beta of 1.33. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14. Corning Incorporated has a 12 month low of $23.48 and a 12 month high of $32.33.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. The company had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the firm earned $0.42 EPS. analysts predict that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 1.96%. The ex-dividend date is Wednesday, November 15th. Corning’s dividend payout ratio is currently 26.38%.
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Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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