Strs Ohio Boosts Position in Corning Incorporated (NYSE:GLW)

Strs Ohio boosted its position in shares of Corning Incorporated (NYSE:GLW) by 2.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 551,845 shares of the electronics maker’s stock after purchasing an additional 10,832 shares during the quarter. Strs Ohio’s holdings in Corning were worth $16,803,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Keene & Associates Inc. boosted its position in Corning by 3.3% during the fourth quarter. Keene & Associates Inc. now owns 95,778 shares of the electronics maker’s stock worth $2,916,000 after purchasing an additional 3,047 shares in the last quarter. Romano Brothers AND Company raised its holdings in shares of Corning by 6.6% in the fourth quarter. Romano Brothers AND Company now owns 42,875 shares of the electronics maker’s stock worth $1,306,000 after acquiring an additional 2,640 shares during the last quarter. Altus Wealth Group LLC raised its holdings in shares of Corning by 16.4% in the fourth quarter. Altus Wealth Group LLC now owns 17,001 shares of the electronics maker’s stock worth $518,000 after acquiring an additional 2,390 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of Corning in the fourth quarter worth $1,413,000. Finally, Byrne Asset Management LLC raised its holdings in shares of Corning by 5.2% in the fourth quarter. Byrne Asset Management LLC now owns 25,315 shares of the electronics maker’s stock worth $774,000 after acquiring an additional 1,245 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of NYSE GLW opened at $30.92 on Wednesday. The company has a market capitalization of $26.44 billion, a price-to-earnings ratio of 46.14, a PEG ratio of 1.78 and a beta of 1.08. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The business has a 50-day moving average of $32.36 and a 200-day moving average of $30.38.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting analysts’ consensus estimates of $0.39. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. Corning’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.47 earnings per share. On average, equities analysts anticipate that Corning Incorporated will post 1.86 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.45% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on GLW shares. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research note on Thursday, February 1st. UBS Group upped their price target on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. upped their price target on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, Susquehanna restated a “positive” rating and set a $40.00 price target on shares of Corning in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $34.56.

Corning Company Profile

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.