Teachers Retirement System of The State of Kentucky grew its holdings in Corning Incorporated (NYSE:GLW) by 6.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 794,502 shares of the electronics maker’s stock after buying an additional 46,669 shares during the quarter. Teachers Retirement System of The State of Kentucky owned approximately 0.10% of Corning worth $20,578,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in GLW. Koshinski Asset Management Inc. acquired a new stake in Corning in the second quarter worth about $238,000. Geode Capital Management LLC boosted its holdings in Corning by 4.1% during the first quarter. Geode Capital Management LLC now owns 12,151,043 shares of the electronics maker’s stock worth $249,251,000 after buying an additional 479,204 shares during the last quarter. Nordea Investment Management AB boosted its holdings in Corning by 114.1% during the second quarter. Nordea Investment Management AB now owns 1,215,658 shares of the electronics maker’s stock worth $31,242,000 after buying an additional 647,959 shares during the last quarter. Swiss National Bank boosted its holdings in Corning by 1.2% during the second quarter. Swiss National Bank now owns 3,020,128 shares of the electronics maker’s stock worth $78,221,000 after buying an additional 35,100 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in Corning by 11.8% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 175,231 shares of the electronics maker’s stock worth $4,538,000 after buying an additional 18,445 shares during the last quarter. Institutional investors own 75.55% of the company’s stock.
NYSE GLW traded down $0.18 during trading on Wednesday, hitting $32.64. The stock had a trading volume of 6,486,280 shares, compared to its average volume of 6,052,071. The company has a market capitalization of $25.00 billion, a PE ratio of 326.83 and a beta of 1.14. The company’s 50-day moving average price is $32.08 and its two-hundred day moving average price is $25.56. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.53 and a current ratio of 2.27. Corning Incorporated has a 12 month low of $17.44 and a 12 month high of $33.86.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, August 28th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.70%. The ex-dividend date is Thursday, August 27th. Corning’s dividend payout ratio (DPR) is 50.00%.
A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on Corning from $36.00 to $39.00 in a report on Friday, September 11th. Citigroup lifted their price objective on Corning from $32.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Susquehanna Bancshares reiterated a “hold” rating and set a $26.00 price objective on shares of Corning in a report on Tuesday, July 28th. Oppenheimer began coverage on Corning in a report on Tuesday, July 28th. They set a “hold” rating on the stock. Finally, Morgan Stanley lifted their price objective on Corning from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, June 10th. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $32.00.
In other Corning news, EVP Clark S. Kinlin sold 28,840 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $30.80, for a total transaction of $888,272.00. Following the transaction, the executive vice president now owns 80,881 shares of the company’s stock, valued at approximately $2,491,134.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Martin J. Curran sold 41,484 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $31.75, for a total value of $1,317,117.00. Following the transaction, the vice president now directly owns 21,346 shares in the company, valued at $677,735.50. The disclosure for this sale can be found here. Insiders have sold a total of 228,246 shares of company stock worth $7,129,762 in the last ninety days. Insiders own 0.47% of the company’s stock.
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.
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