State of New Jersey Common Pension Fund D decreased its position in Corning Incorporated (NYSE:GLW) by 3.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 497,340 shares of the electronics maker’s stock after selling 15,398 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Corning were worth $16,119,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of GLW. Guggenheim Capital LLC grew its holdings in Corning by 6.4% in the first quarter. Guggenheim Capital LLC now owns 145,589 shares of the electronics maker’s stock valued at $2,991,000 after purchasing an additional 8,719 shares during the last quarter. AXA grew its holdings in Corning by 106.4% in the first quarter. AXA now owns 105,072 shares of the electronics maker’s stock valued at $2,158,000 after purchasing an additional 54,174 shares during the last quarter. State Street Corp grew its holdings in Corning by 0.7% in the first quarter. State Street Corp now owns 37,563,385 shares of the electronics maker’s stock valued at $771,552,000 after purchasing an additional 255,429 shares during the last quarter. Ellevest Inc. grew its holdings in Corning by 26.0% in the second quarter. Ellevest Inc. now owns 3,184 shares of the electronics maker’s stock valued at $82,000 after purchasing an additional 657 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in Corning by 43.7% in the second quarter. State of Alaska Department of Revenue now owns 391,730 shares of the electronics maker’s stock valued at $10,145,000 after purchasing an additional 119,140 shares during the last quarter. 75.55% of the stock is currently owned by institutional investors.
Several analysts have weighed in on GLW shares. Bank of America upped their target price on Corning from $34.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, September 17th. JPMorgan Chase & Co. upped their target price on Corning from $36.00 to $39.00 in a report on Friday, September 11th. Citigroup increased their price objective on Corning from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Cross Research raised Corning from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Argus increased their price objective on Corning from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, September 11th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $32.50.
NYSE GLW opened at $32.10 on Friday. The business’s 50-day moving average price is $33.32 and its 200 day moving average price is $28.18. Corning Incorporated has a twelve month low of $17.44 and a twelve month high of $35.83. The company has a market capitalization of $24.45 billion, a PE ratio of 321.03, a price-to-earnings-growth ratio of 11.66 and a beta of 1.13. The company has a current ratio of 2.27, a quick ratio of 1.53 and a debt-to-equity ratio of 0.79.
Corning (NYSE:GLW) last released its earnings results on Tuesday, October 27th. The electronics maker reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.05. Corning had a return on equity of 11.59% and a net margin of 1.89%. The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the prior year, the business posted $0.44 earnings per share. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. Equities analysts predict that Corning Incorporated will post 1.24 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, November 13th will be issued a $0.22 dividend. The ex-dividend date is Thursday, November 12th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.74%. Corning’s dividend payout ratio (DPR) is 50.00%.
In other news, VP Martin J. Curran sold 41,484 shares of the firm’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $31.75, for a total value of $1,317,117.00. Following the transaction, the vice president now directly owns 21,346 shares in the company, valued at approximately $677,735.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Wendell P. Weeks sold 54,917 shares of the firm’s stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $32.47, for a total value of $1,783,154.99. Company insiders own 0.47% of the company’s stock.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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