State of Alaska Department of Revenue Sells 24,920 Shares of Corning Incorporated (NYSE:GLW)

State of Alaska Department of Revenue lessened its position in Corning Incorporated (NYSE:GLW) by 13.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 160,068 shares of the electronics maker’s stock after selling 24,920 shares during the quarter. State of Alaska Department of Revenue’s holdings in Corning were worth $5,275,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cape Investment Advisory Inc. increased its stake in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares during the period. Future Financial Wealth Managment LLC bought a new position in Corning in the 1st quarter worth approximately $33,000. Register Financial Advisors LLC acquired a new position in shares of Corning during the first quarter worth approximately $33,000. Bruce G. Allen Investments LLC bought a new stake in shares of Corning in the fourth quarter valued at approximately $31,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 823 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Transactions at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the transaction, the senior vice president now owns 11,355 shares in the company, valued at approximately $379,484.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock valued at $5,876,067 in the last three months. 0.45% of the stock is owned by corporate insiders.

Corning Stock Performance

Corning stock opened at $38.42 on Thursday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $40.46. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The stock has a fifty day moving average price of $36.25 and a two-hundred day moving average price of $33.28. The firm has a market capitalization of $32.91 billion, a P/E ratio of 54.11, a P/E/G ratio of 1.75 and a beta of 1.05.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter last year, the company posted $0.41 EPS. As a group, analysts anticipate that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Analyst Ratings Changes

Several analysts have issued reports on GLW shares. Bank of America raised their price target on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Citigroup lifted their target price on Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Mizuho upped their price target on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, Morgan Stanley lowered Corning from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $35.00 to $38.00 in a research note on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $39.42.

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.