Alaska Permanent Fund Corp Boosts Stock Holdings in Corning Incorporated (NYSE:GLW)

Alaska Permanent Fund Corp grew its position in shares of Corning Incorporated (NYSE:GLW) by 0.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 83,222 shares of the electronics maker’s stock after acquiring an additional 438 shares during the period. Alaska Permanent Fund Corp’s holdings in Corning were worth $2,534,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of GLW. Peoples Bank KS purchased a new stake in Corning in the third quarter worth approximately $25,000. OFI Invest Asset Management purchased a new stake in Corning in the 3rd quarter valued at about $25,000. SRS Capital Advisors Inc. boosted its position in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after buying an additional 652 shares during the period. Bruce G. Allen Investments LLC bought a new stake in shares of Corning in the 4th quarter valued at about $31,000. Finally, Emfo LLC bought a new stake in shares of Corning in the 4th quarter valued at about $33,000. 69.80% of the stock is owned by institutional investors.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of Corning stock traded down $0.21 on Thursday, hitting $31.31. The company’s stock had a trading volume of 374,329 shares, compared to its average volume of 4,643,713. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a fifty day moving average price of $32.30 and a 200-day moving average price of $30.43. The company has a market capitalization of $26.78 billion, a P/E ratio of 47.04, a price-to-earnings-growth ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.47 EPS. On average, equities research analysts expect that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is 167.16%.

Analyst Ratings Changes

Several research firms recently commented on GLW. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. UBS Group increased their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Morgan Stanley restated an “overweight” rating and set a $35.00 price objective on shares of Corning in a research report on Monday. Barclays upped their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $34.78.

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.