Public Employees Retirement Association of Colorado Reduces Stock Position in Corning Incorporated (NYSE:GLW)

Public Employees Retirement Association of Colorado lowered its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 114,109 shares of the electronics maker’s stock after selling 381 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Corning were worth $4,433,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Benjamin F. Edwards & Company Inc. boosted its holdings in Corning by 6.8% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 42,040 shares of the electronics maker’s stock valued at $1,633,000 after acquiring an additional 2,667 shares during the period. Trust Investment Advisors purchased a new stake in shares of Corning in the 2nd quarter worth $220,000. XTX Topco Ltd purchased a new stake in shares of Corning in the 2nd quarter worth $1,634,000. Mark Sheptoff Financial Planning LLC lifted its holdings in shares of Corning by 21.2% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock worth $61,000 after buying an additional 275 shares during the period. Finally, Garner Asset Management Corp lifted its holdings in shares of Corning by 1.5% in the 2nd quarter. Garner Asset Management Corp now owns 51,135 shares of the electronics maker’s stock worth $1,987,000 after buying an additional 752 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.2 %

Shares of NYSE:GLW opened at $44.50 on Monday. The business’s 50-day moving average is $41.73 and its 200 day moving average is $37.58. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39. The firm has a market capitalization of $38.12 billion, a P/E ratio of 62.68, a P/E/G ratio of 1.66 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW) last announced its earnings results 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 company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the prior year, the company posted $0.45 EPS. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. On average, research analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.28 dividend. 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 2.52%. Corning’s payout ratio is 157.75%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Bank of America upped their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday. UBS Group upped their target price on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Argus upped their target price on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Citigroup upped their target price on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Finally, JPMorgan Chase & Co. upped their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.00.

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.