Louisiana State Employees Retirement System Sells 1,100 Shares of Corning Incorporated (NYSE:GLW)

Louisiana State Employees Retirement System reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 2.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,600 shares of the electronics maker’s stock after selling 1,100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Corning were worth $1,694,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Bridgefront Capital LLC bought a new stake in Corning during the fourth quarter worth approximately $813,000. Natixis Advisors L.P. boosted its position in shares of Corning by 29.6% during the fourth quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock valued at $3,998,000 after buying an additional 30,001 shares during the period. Wahed Invest LLC boosted its position in shares of Corning by 8.6% during the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after buying an additional 1,028 shares during the period. Belpointe Asset Management LLC boosted its position in shares of Corning by 26.4% during the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after buying an additional 1,740 shares during the period. Finally, Massmutual Trust Co. FSB ADV boosted its position in shares of Corning by 75.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after buying an additional 24,421 shares during the period. 69.80% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Oppenheimer restated an “outperform” rating and set a $47.00 target price (down previously from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Bank of America dropped their target price on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. UBS Group boosted their target price on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $44.00 to $47.00 in a research report on Wednesday. Finally, Barclays boosted their target price on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $45.62.

Corning Stock Up 1.6 %

Corning stock opened at $41.94 on Friday. The business has a fifty day moving average of $41.08 and a two-hundred day moving average of $36.15. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The firm has a market cap of $35.89 billion, a P/E ratio of 59.07, a P/E/G ratio of 1.60 and a beta of 1.05. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share. On average, analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.67%. Corning’s dividend payout ratio is currently 157.75%.

Insiders Place Their Bets

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.40% of the stock is owned by company insiders.

Corning 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.