Texas Permanent School Fund Corp Has $4.93 Million Stock Position in Corning Incorporated (NYSE:GLW)

Texas Permanent School Fund Corp lowered its holdings in Corning Incorporated (NYSE:GLW) by 20.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 126,914 shares of the electronics maker’s stock after selling 31,819 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Corning were worth $4,931,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bridgefront Capital LLC acquired a new stake in shares of Corning during the 4th quarter worth approximately $813,000. Wahed Invest LLC grew its holdings in shares of Corning by 8.6% during the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after purchasing an additional 1,028 shares in the last quarter. Belpointe Asset Management LLC grew its holdings in shares of Corning by 26.4% during the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock worth $253,000 after purchasing an additional 1,740 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of Corning by 75.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock worth $1,871,000 after purchasing an additional 24,421 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co grew its holdings in shares of Corning by 4.7% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock worth $2,154,000 after purchasing an additional 3,152 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the topic of several recent research reports. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. UBS Group raised their target price on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Citigroup raised their target price on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $45.62.

Corning Trading Up 0.0 %

Shares of GLW opened at $41.87 on Friday. The stock has a fifty day moving average price of $41.76 and a two-hundred day moving average price of $37.05. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The company has a market cap of $35.86 billion, a price-to-earnings ratio of 58.96, a PEG ratio of 1.57 and a beta of 1.04.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the previous year, the company posted $0.45 EPS. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. Analysts predict that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

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 given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.68%. Corning’s payout ratio is currently 157.75%.

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.