State Treasurer State of Michigan Trims Stake in Corning Incorporated (NYSE:GLW)

State Treasurer State of Michigan lessened its holdings in Corning Incorporated (NYSE:GLW) by 7.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 254,769 shares of the electronics maker’s stock after selling 19,300 shares during the quarter. State Treasurer State of Michigan’s holdings in Corning were worth $8,150,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. MPS Loria Financial Planners LLC acquired a new stake in Corning during the 2nd quarter worth approximately $112,000. Benjamin F. Edwards & Company Inc. raised its holdings in Corning by 241.6% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after buying an additional 2,650 shares during the period. Cable Hill Partners LLC raised its holdings in Corning by 1,041.3% during the 3rd quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock worth $158,000 after buying an additional 4,811 shares during the period. Bank of Nova Scotia Trust Co. acquired a new stake in Corning during the 3rd quarter worth approximately $163,000. Finally, IHT Wealth Management LLC raised its holdings in Corning by 13.4% during the 2nd quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock worth $165,000 after buying an additional 485 shares during the period. 72.11% of the stock is currently owned by institutional investors.

Corning Incorporated (NYSE GLW) traded up $0.32 during trading hours on Friday, hitting $28.77. 12,039,299 shares of the company traded hands, compared to its average volume of 7,490,000. Corning Incorporated has a twelve month low of $26.31 and a twelve month high of $35.10. The company has a quick ratio of 2.22, a current ratio of 2.75 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $25,000.00, a PE ratio of -36.42, a PEG ratio of 4.30 and a beta of 1.34.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.02. Corning had a negative net margin of 4.91% and a positive return on equity of 11.62%. The business had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same period last year, the business earned $0.50 earnings per share. The firm’s revenue was up 7.4% on a year-over-year basis. research analysts predict that Corning Incorporated will post 1.67 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.50%. This is a boost from Corning’s previous quarterly dividend of $0.16. The ex-dividend date is Tuesday, February 27th. Corning’s payout ratio is -78.48%.

GLW has been the subject of several research reports. Citigroup raised their price target on shares of Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. Barclays set a $38.00 price target on shares of Corning and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Guggenheim reaffirmed a “buy” rating and set a $35.00 price target on shares of Corning in a research note on Tuesday, December 12th. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a research note on Tuesday, December 19th. Finally, ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $31.47.

In other Corning news, Director Deborah Rieman sold 2,083 shares of the business’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $32.16, for a total transaction of $66,989.28. Following the completion of the transaction, the director now owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the business’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $32.42, for a total value of $1,675,335.92. Following the transaction, the insider now directly owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. Insiders own 0.59% of the company’s stock.

WARNING: This report was reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this report on another publication, it was illegally copied and republished in violation of international trademark & copyright laws. The original version of this report can be viewed at https://ledgergazette.com/2018/02/11/state-treasurer-state-of-michigan-has-8-15-million-stake-in-corning-incorporated-glw.html.

About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply