Arizona State Retirement System Decreases Stock Position in Corning Incorporated (NYSE:GLW)

Arizona State Retirement System lowered its holdings in Corning Incorporated (NYSE:GLWFree Report) by 0.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 228,600 shares of the electronics maker’s stock after selling 1,469 shares during the quarter. Arizona State Retirement System’s holdings in Corning were worth $6,965,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Cibc World Market Inc. grew its stake in Corning by 22.1% during the first quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock valued at $2,420,000 after acquiring an additional 11,884 shares in the last quarter. Prudential PLC bought a new position in Corning in the 1st quarter worth about $588,000. Sequoia Financial Advisors LLC raised its holdings in shares of Corning by 15.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock valued at $293,000 after acquiring an additional 1,062 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Corning by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after acquiring an additional 671,480 shares during the last quarter. Finally, Baird Financial Group Inc. grew its holdings in shares of Corning by 24.4% during the first quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock worth $26,388,000 after purchasing an additional 140,098 shares in the last quarter. 67.74% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 18,200 shares of Corning stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $30.15, for a total transaction of $548,730.00. Following the sale, the insider now directly owns 205,258 shares of the company’s stock, valued at approximately $6,188,528.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Oppenheimer lowered their target price on shares of Corning from $42.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 25th. JPMorgan Chase & Co. dropped their price objective on shares of Corning from $36.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, October 25th. Citigroup dropped their price target on Corning from $39.00 to $36.00 and set a “buy” rating for the company in a research note on Wednesday, October 25th. Barclays reduced their price objective on Corning from $33.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 25th. Finally, Morgan Stanley dropped their target price on Corning from $38.00 to $33.00 and set an “overweight” rating for the company in a research report on Wednesday, October 25th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.11.

Get Our Latest Stock Analysis on GLW

Corning Stock Up 6.9 %

Shares of NYSE GLW opened at $33.30 on Wednesday. The company has a market cap of $28.41 billion, a price-to-earnings ratio of 48.97, a PEG ratio of 10.61 and a beta of 1.10. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.44. The company has a quick ratio of 1.08, a current ratio of 1.70 and a debt-to-equity ratio of 0.61. The firm’s fifty day moving average is $29.94 and its 200 day moving average is $30.37.

Corning (NYSE:GLWGet Free Report) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.73% and a net margin of 4.50%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period last year, the company earned $0.47 EPS. The business’s quarterly revenue was down 12.1% compared to the same quarter last year. On average, equities research analysts expect that Corning Incorporated will post 1.7 earnings per share for the current year.

About Corning

(Free Report)

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.

See Also

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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