State Board of Administration of Florida Retirement System decreased its position in shares of Corning Incorporated (NYSE:GLW) by 0.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,187,998 shares of the electronics maker’s stock after selling 7,180 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.15% of Corning worth $39,477,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of Corning by 1.1% during the first quarter. BlackRock Inc. now owns 53,814,951 shares of the electronics maker’s stock valued at $1,781,272,000 after acquiring an additional 597,213 shares during the period. Geode Capital Management LLC lifted its holdings in Corning by 8.8% in the fourth quarter. Geode Capital Management LLC now owns 10,778,887 shares of the electronics maker’s stock worth $325,210,000 after purchasing an additional 874,576 shares during the period. FMR LLC lifted its holdings in Corning by 42.6% in the first quarter. FMR LLC now owns 9,490,362 shares of the electronics maker’s stock worth $314,131,000 after purchasing an additional 2,837,072 shares during the period. Janus Henderson Group PLC lifted its holdings in Corning by 29.1% in the second quarter. Janus Henderson Group PLC now owns 9,386,825 shares of the electronics maker’s stock worth $311,923,000 after purchasing an additional 2,117,416 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Corning by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,417,196 shares of the electronics maker’s stock worth $254,263,000 after purchasing an additional 190,145 shares during the period. 71.05% of the stock is owned by institutional investors.
Several equities research analysts recently weighed in on GLW shares. Zacks Investment Research raised shares of Corning from a “sell” rating to a “hold” rating and set a $30.00 price objective for the company in a report on Tuesday, August 6th. Barclays assumed coverage on shares of Corning in a report on Wednesday, August 7th. They issued an “overweight” rating and a $35.00 price objective for the company. Deutsche Bank set a $36.00 price target on shares of Corning and gave the stock a “buy” rating in a research report on Wednesday, July 31st. ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Finally, Bank of America upgraded shares of Corning from a “neutral” rating to a “buy” rating and set a $32.31 price target on the stock in a research report on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $34.73.
NYSE GLW traded up $0.25 on Thursday, hitting $28.14. 51,678 shares of the company were exchanged, compared to its average volume of 6,779,855. The company’s 50 day moving average price is $31.12 and its 200-day moving average price is $32.45. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.18. The firm has a market capitalization of $21.78 billion, a P/E ratio of 15.82, a price-to-earnings-growth ratio of 1.40 and a beta of 1.16. Corning Incorporated has a twelve month low of $26.98 and a twelve month high of $36.56.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.01. The firm had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $2.97 billion. Corning had a return on equity of 15.60% and a net margin of 12.78%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.38 EPS. As a group, equities analysts expect that Corning Incorporated will post 1.89 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.80 annualized dividend and a yield of 2.84%. Corning’s payout ratio is presently 44.94%.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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