Retirement Systems of Alabama Has $5.15 Million Holdings in Corning Incorporated (NYSE:GLW)

Retirement Systems of Alabama trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 2.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 169,230 shares of the electronics maker’s stock after selling 4,351 shares during the period. Retirement Systems of Alabama’s holdings in Corning were worth $5,153,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Natixis Advisors L.P. raised its position in shares of Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after acquiring an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC bought a new stake in Corning during the 4th quarter worth about $1,199,000. Socha Financial Group LLC boosted its stake in shares of Corning by 8.8% in the 4th quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock valued at $10,463,000 after purchasing an additional 27,772 shares during the last quarter. HB Wealth Management LLC grew its position in shares of Corning by 24.2% during the 4th quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after buying an additional 1,926 shares during the period. Finally, SG Americas Securities LLC raised its stake in shares of Corning by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after buying an additional 40,564 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Trading Up 0.4 %

NYSE GLW opened at $33.72 on Monday. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The stock’s 50 day moving average price is $32.36 and its two-hundred day moving average price is $30.65. The stock has a market capitalization of $28.89 billion, a price-to-earnings ratio of 47.49, a PEG ratio of 1.71 and a beta of 1.07.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the prior year, the company posted $0.41 earnings per share. The firm’s revenue was down 11.5% on a year-over-year basis. As a group, analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 3.32%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their price objective on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Barclays increased their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research report on Thursday, February 1st. Morgan Stanley reissued an “overweight” rating and set a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. Finally, Susquehanna restated a “positive” rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Corning currently has an average rating of “Hold” and a consensus target price of $34.89.

Insider Buying and Selling at Corning

In other news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the sale, the senior vice president now owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now owns 11,355 shares in the company, valued at approximately $379,484.10. The disclosure for this sale can be found here. Insiders sold a total of 119,988 shares of company stock worth $3,984,964 over the last ninety days. 0.45% of the stock is currently owned by corporate insiders.

Corning 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.