Corning Incorporated (NYSE:GLW) Shares Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama raised its holdings in Corning Incorporated (NYSE:GLW) by 0.3% in the second quarter, Holdings Channel.com reports. The fund owned 170,066 shares of the electronics maker’s stock after buying an additional 588 shares during the quarter. Retirement Systems of Alabama’s holdings in Corning were worth $6,607,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in GLW. Norges Bank acquired a new stake in shares of Corning in the fourth quarter valued at about $247,721,000. Price T Rowe Associates Inc. MD lifted its position in shares of Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after acquiring an additional 4,464,893 shares during the period. Wellington Management Group LLP boosted its stake in shares of Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after acquiring an additional 2,597,878 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Corning by 41.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after acquiring an additional 1,828,097 shares in the last quarter. Finally, Natixis grew its holdings in shares of Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after acquiring an additional 1,735,638 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLW has been the subject of several research reports. Barclays lifted their price objective on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Wednesday, July 31st. Bank of America cut their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Finally, Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a report on Monday, June 17th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $45.62.

Corning Stock Up 1.6 %

GLW stock opened at $41.94 on Monday. The company has a 50 day moving average price of $41.08 and a two-hundred day moving average price of $36.18. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The stock has a market capitalization of $35.93 billion, a P/E ratio of 59.07, a PEG ratio of 1.60 and a beta of 1.05. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 earnings per share. As a group, sell-side analysts expect that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

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

Insider Buying and Selling

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.40% of the company’s stock.

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.