Employees Retirement System of Texas lessened its holdings in Corning Incorporated (NYSE:GLW) by 5.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 48,000 shares of the electronics maker’s stock after selling 3,000 shares during the quarter. Employees Retirement System of Texas’ holdings in Corning were worth $1,536,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Jennison Associates LLC boosted its stake in shares of Corning by 24.8% in the 4th quarter. Jennison Associates LLC now owns 11,491,434 shares of the electronics maker’s stock valued at $367,611,000 after purchasing an additional 2,284,899 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Corning by 0.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after acquiring an additional 56,973 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Corning by 17.0% during the 3rd quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after acquiring an additional 999,912 shares during the last quarter. TCW Group Inc. boosted its stake in Corning by 1.9% during the 3rd quarter. TCW Group Inc. now owns 6,081,608 shares of the electronics maker’s stock worth $181,962,000 after acquiring an additional 114,855 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in Corning by 2.4% during the 3rd quarter. Legal & General Group Plc now owns 5,186,504 shares of the electronics maker’s stock worth $155,178,000 after acquiring an additional 122,536 shares during the last quarter. 69.94% of the stock is currently owned by institutional investors.
Corning Incorporated (NYSE:GLW) opened at $29.08 on Thursday. The company has a quick ratio of 2.22, a current ratio of 2.75 and a debt-to-equity ratio of 0.35. Corning Incorporated has a one year low of $26.32 and a one year high of $35.10. The firm has a market cap of $25,149.10, a P/E ratio of 16.95, a price-to-earnings-growth ratio of 4.39 and a beta of 1.34.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be paid a $0.18 dividend. The ex-dividend date is Tuesday, February 27th. This represents a $0.72 dividend on an annualized basis and a yield of 2.48%. This is a positive change from Corning’s previous quarterly dividend of $0.16. Corning’s payout ratio is presently -92.31%.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of Corning stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $32.42, for a total value of $1,675,335.92. Following the transaction, the insider now owns 136,032 shares of the company’s stock, valued at $4,410,157.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Deborah Rieman sold 2,083 shares of Corning stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total transaction of $66,989.28. Following the completion of the transaction, the director now directly owns 102,896 shares in the company, valued at approximately $3,309,135.36. The disclosure for this sale can be found here. Insiders own 0.59% of the company’s stock.
Several research analysts recently weighed in on the stock. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Oppenheimer reissued a “hold” rating on shares of Corning in a research note on Wednesday, January 31st. Guggenheim reissued a “buy” rating on shares of Corning in a research note on Tuesday, January 30th. Citigroup lifted their price objective on shares of Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. Finally, Barclays set a $38.00 price objective on shares of Corning and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and a consensus target price of $31.47.
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Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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