New York State Common Retirement Fund reduced its stake in Corning Incorporated (NYSE:GLW) by 14.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 793,700 shares of the electronics maker’s stock after selling 131,800 shares during the period. New York State Common Retirement Fund owned 0.09% of Corning worth $34,534,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of GLW. Norges Bank acquired a new position in Corning in the fourth quarter valued at approximately $280,667,000. BlackRock Inc. boosted its position in shares of Corning by 4.3% during the first quarter. BlackRock Inc. now owns 54,104,194 shares of the electronics maker’s stock worth $2,354,075,000 after buying an additional 2,216,672 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Corning by 259.4% during the first quarter. Envestnet Asset Management Inc. now owns 1,575,660 shares of the electronics maker’s stock worth $68,557,000 after buying an additional 1,137,253 shares during the period. KBC Group NV boosted its position in shares of Corning by 331.3% during the fourth quarter. KBC Group NV now owns 1,464,415 shares of the electronics maker’s stock worth $52,718,000 after buying an additional 1,124,877 shares during the period. Finally, Bowen Hanes & Co. Inc. boosted its position in shares of Corning by 805.1% during the fourth quarter. Bowen Hanes & Co. Inc. now owns 1,194,259 shares of the electronics maker’s stock worth $42,993,000 after buying an additional 1,062,315 shares during the period. Institutional investors own 67.23% of the company’s stock.
GLW opened at $43.04 on Friday. The firm has a market capitalization of $36.64 billion, a P/E ratio of 33.11, a price-to-earnings-growth ratio of 1.14 and a beta of 1.16. Corning Incorporated has a 1-year low of $25.10 and a 1-year high of $46.82. The business has a 50 day moving average price of $44.42. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.31 and a quick ratio of 1.63.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 29th. Shareholders of record on Friday, May 28th will be issued a $0.24 dividend. The ex-dividend date is Thursday, May 27th. This represents a $0.96 annualized dividend and a dividend yield of 2.23%. Corning’s dividend payout ratio is currently 69.06%.
In other Corning news, EVP Clark S. Kinlin sold 37,239 shares of the business’s stock in a transaction on Monday, March 15th. The shares were sold at an average price of $41.41, for a total transaction of $1,542,066.99. Following the sale, the executive vice president now directly owns 68,783 shares of the company’s stock, valued at approximately $2,848,304.03. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Roger W. Jr. Ferguson bought 1,410 shares of the business’s stock in a transaction on Thursday, June 3rd. The shares were purchased at an average cost of $42.50 per share, for a total transaction of $59,925.00. Following the completion of the purchase, the director now owns 5,518 shares in the company, valued at $234,515. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 4,133 shares of company stock worth $179,905 and sold 70,360,257 shares worth $3,060,336,575. 0.48% of the stock is currently owned by corporate insiders.
Several brokerages have recently issued reports on GLW. Argus boosted their price objective on Corning from $42.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, April 7th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, April 20th. JPMorgan Chase & Co. upgraded Corning from a “neutral” rating to an “overweight” rating and set a $55.00 price objective for the company in a research report on Monday, April 19th. Finally, Morgan Stanley upped their target price on Corning from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 28th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $42.80.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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