Public Employees Retirement Association of Colorado Sells 6,101 Shares of Corning Incorporated (NYSE:GLW)

Public Employees Retirement Association of Colorado lessened its holdings in Corning Incorporated (NYSE:GLW) by 5.1% during the 1st quarter, HoldingsChannel.com reports. The fund owned 114,490 shares of the electronics maker’s stock after selling 6,101 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Corning were worth $3,774,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of GLW. Pacer Advisors Inc. lifted its holdings in shares of Corning by 17.4% in the 4th quarter. Pacer Advisors Inc. now owns 56,883 shares of the electronics maker’s stock worth $1,732,000 after buying an additional 8,433 shares during the period. Caprock Group LLC lifted its stake in shares of Corning by 38.9% during the 4th quarter. Caprock Group LLC now owns 24,056 shares of the electronics maker’s stock worth $733,000 after purchasing an additional 6,733 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Corning by 7.8% during the 4th quarter. Fifth Third Bancorp now owns 86,852 shares of the electronics maker’s stock worth $2,645,000 after purchasing an additional 6,313 shares during the last quarter. AdvisorNet Financial Inc lifted its stake in shares of Corning by 25.9% during the 4th quarter. AdvisorNet Financial Inc now owns 4,178 shares of the electronics maker’s stock worth $127,000 after purchasing an additional 860 shares during the last quarter. Finally, Bonness Enterprises Inc. lifted its stake in shares of Corning by 53.0% during the 4th quarter. Bonness Enterprises Inc. now owns 86,300 shares of the electronics maker’s stock worth $2,628,000 after purchasing an additional 29,900 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE GLW traded down $0.09 during midday trading on Monday, hitting $42.76. The stock had a trading volume of 7,395,891 shares, compared to its average volume of 6,013,667. The company has a market capitalization of $36.63 billion, a PE ratio of 60.07, a P/E/G ratio of 1.58 and a beta of 1.05. The stock has a 50 day simple moving average of $39.85 and a 200-day simple moving average of $34.94. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the business posted $0.41 earnings per share. The firm’s revenue was down 11.5% compared to the same quarter last year. On average, sell-side analysts expect that Corning Incorporated will post 1.94 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio is presently 157.75%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on GLW shares. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a research note on Tuesday, July 9th. Bank of America raised their target price on Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Argus raised their target price on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Corning currently has an average rating of “Hold” and a consensus target price of $44.31.

Insider Activity at Corning

In related news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Corning news, SVP John Z. Zhang sold 12,546 shares of Corning 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 sale, the senior vice president now owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 175,207 shares of company stock worth $5,876,067. Company insiders own 0.40% of the company’s stock.

About Corning

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.