State Board of Administration of Florida Retirement System trimmed its position in Corning Incorporated (NYSE:GLW) by 0.6% in the second quarter, HoldingsChannel.com reports. The firm owned 1,187,998 shares of the electronics maker’s stock after selling 7,180 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Corning were worth $39,477,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. FMR LLC raised its stake in Corning by 42.6% during the first quarter. FMR LLC now owns 9,490,362 shares of the electronics maker’s stock worth $314,131,000 after acquiring an additional 2,837,072 shares in the last quarter. Janus Henderson Group PLC raised its stake in Corning by 29.1% during the second quarter. Janus Henderson Group PLC now owns 9,386,825 shares of the electronics maker’s stock worth $311,923,000 after acquiring an additional 2,117,416 shares in the last quarter. Schafer Cullen Capital Management Inc raised its stake in Corning by 39.1% during the second quarter. Schafer Cullen Capital Management Inc now owns 4,664,615 shares of the electronics maker’s stock worth $153,979,000 after acquiring an additional 1,311,304 shares in the last quarter. Thoroughbred Financial Services LLC raised its stake in Corning by 3,279.0% during the second quarter. Thoroughbred Financial Services LLC now owns 992,680 shares of the electronics maker’s stock worth $99,268,000 after acquiring an additional 963,302 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Corning by 8.8% during the fourth quarter. Geode Capital Management LLC now owns 10,778,887 shares of the electronics maker’s stock worth $325,210,000 after acquiring an additional 874,576 shares in the last quarter. Institutional investors and hedge funds own 71.05% of the company’s stock.
Corning stock traded up $0.25 during mid-day trading on Thursday, hitting $28.14. The stock had a trading volume of 51,678 shares, compared to its average volume of 6,779,855. The stock has a 50-day simple moving average of $31.12 and a two-hundred day simple moving average of $32.45. The stock has a market capitalization of $21.78 billion, a PE ratio of 15.82, a P/E/G ratio of 1.40 and a beta of 1.16. Corning Incorporated has a 12 month low of $26.98 and a 12 month high of $36.56. The company has a current ratio of 1.85, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.01. The business had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Corning had a return on equity of 15.60% and a net margin of 12.78%. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.38 earnings per share. Sell-side analysts expect that Corning Incorporated will post 1.89 earnings per share for the current fiscal year.
The business also recently announced 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. This represents a $0.80 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is currently 44.94%.
In other Corning news, VP Christine M. Pambianchi sold 194,960 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total transaction of $6,207,526.40. Following the transaction, the vice president now owns 66,369 shares in the company, valued at $2,113,188.96. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.46% of the stock is currently owned by company insiders.
Several research firms have issued reports on GLW. Deutsche Bank set a $36.00 price objective on Corning and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Barclays began coverage on Corning in a research note on Wednesday, August 7th. They set an “overweight” rating and a $35.00 price objective for the company. Bank of America upgraded Corning from a “neutral” rating to a “buy” rating and set a $32.31 price objective for the company in a research note on Wednesday, May 1st. Susquehanna Bancshares reiterated a “neutral” rating and set a $30.00 price objective (down from $40.00) on shares of Corning in a research note on Thursday, August 1st. Finally, S&P Equity Research lowered Corning from a “positive” rating to a “neutral” rating and dropped their price objective for the stock from $40.00 to $30.00 in a research note on Thursday, August 1st. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $34.73.
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.
Read More: Why do companies pay special dividends?
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.