State of Wyoming Has $390,000 Stock Position in Corning Incorporated (NYSE:GLW)

State of Wyoming boosted its position in shares of Corning Incorporated (NYSE:GLW) by 67.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,213 shares of the electronics maker’s stock after purchasing an additional 3,308 shares during the period. State of Wyoming’s holdings in Corning were worth $390,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Toronto Dominion Bank boosted its position in Corning by 0.9% during the fourth quarter. Toronto Dominion Bank now owns 292,523 shares of the electronics maker’s stock valued at $13,901,000 after purchasing an additional 2,670 shares during the last quarter. Shellback Capital LP acquired a new stake in shares of Corning in the fourth quarter worth about $10,454,000. Security National Bank of SO Dak acquired a new stake in shares of Corning in the fourth quarter worth about $240,000. SG Capital Management LLC lifted its position in shares of Corning by 31.8% in the fourth quarter. SG Capital Management LLC now owns 455,731 shares of the electronics maker’s stock worth $21,656,000 after buying an additional 110,045 shares during the last quarter. Finally, Sherbrooke Park Advisers LLC lifted its position in shares of Corning by 35.9% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 13,115 shares of the electronics maker’s stock worth $623,000 after buying an additional 3,467 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the business’s stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP John Z. Zhang sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the sale, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on GLW shares. Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Barclays reduced their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. JPMorgan Chase & Co. reduced their price target on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Finally, Bank of America boosted their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $53.08.

Corning Price Performance

NYSE GLW opened at $47.94 on Wednesday. Corning Incorporated has a twelve month low of $35.40 and a twelve month high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock has a market capitalization of $41.06 billion, a PE ratio of 82.66, a P/E/G ratio of 1.50 and a beta of 1.09. The stock has a 50-day simple moving average of $44.70 and a 200 day simple moving average of $47.50.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the previous year, the company posted $0.38 earnings per share. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. Research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.34%. Corning’s dividend payout ratio is 215.38%.

Corning Company Profile

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.