Corning Incorporated (NYSE:GLW) Stake Lowered by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 8.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,802 shares of the electronics maker’s stock after selling 2,064 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Corning were worth $1,030,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings 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 buying an additional 4,464,893 shares during the last quarter. Natixis grew its position in Corning by 2,405.2% in the first 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 in the last quarter. Los Angeles Capital Management LLC increased its stake in shares of Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares during the last quarter. Pathway Financial Advisers LLC raised its holdings in shares of Corning by 4,306.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after purchasing an additional 1,026,626 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Corning by 10,626.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after purchasing an additional 1,003,556 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GLW has been the topic of several analyst reports. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a report on Friday, July 26th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Down 1.2 %

Shares of GLW opened at $46.49 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company has a 50-day simple moving average of $45.74 and a 200-day simple moving average of $41.59. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The firm has a market capitalization of $39.81 billion, a P/E ratio of 273.47, a P/E/G ratio of 1.49 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.45 EPS. On average, equities research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.41%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 658.82%.

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.