Kentucky Retirement Systems Insurance Trust Fund Has $1.03 Million Holdings in Corning Incorporated (NYSE:GLW)

Kentucky Retirement Systems Insurance Trust Fund trimmed its stake in Corning Incorporated (NYSE:GLW) by 8.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,802 shares of the electronics maker’s stock after selling 2,064 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Corning were worth $1,030,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. West Oak Capital LLC grew its holdings in shares of Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after purchasing an additional 215 shares during the last quarter. Lake Street Advisors Group LLC boosted its position in Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after buying an additional 232 shares in the last quarter. SteelPeak Wealth LLC grew its stake in Corning by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after buying an additional 239 shares during the last quarter. Grove Bank & Trust increased its holdings in shares of Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after buying an additional 250 shares in the last quarter. Finally, Brown Lisle Cummings Inc. raised its stake in shares of Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after acquiring an additional 250 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GLW. Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Morgan Stanley restated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Bank of America increased their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their price target for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Trading Down 1.2 %

NYSE:GLW opened at $46.49 on Monday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03. The firm has a market capitalization of $39.81 billion, a price-to-earnings ratio of 273.47, a PEG ratio of 1.49 and a beta of 1.03. The business’s 50-day moving average price is $45.74 and its two-hundred day moving average price is $41.59.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the firm earned $0.45 EPS. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.41%. Corning’s dividend payout ratio is presently 658.82%.

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.