Retirement Systems of Alabama Sells 15,613 Shares of Corning Incorporated (GLW)

Retirement Systems of Alabama decreased its stake in Corning Incorporated (NYSE:GLW) by 4.0% during the 3rd quarter, Holdings Channel reports. The firm owned 373,546 shares of the electronics maker’s stock after selling 15,613 shares during the period. Retirement Systems of Alabama’s holdings in Corning were worth $13,186,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. GHP Investment Advisors Inc. raised its stake in Corning by 2.5% during the 2nd quarter. GHP Investment Advisors Inc. now owns 63,656 shares of the electronics maker’s stock valued at $1,751,000 after acquiring an additional 1,550 shares in the last quarter. IFP Advisors Inc raised its stake in shares of Corning by 6.4% in the 2nd quarter. IFP Advisors Inc now owns 25,922 shares of the electronics maker’s stock worth $713,000 after buying an additional 1,551 shares in the last quarter. Whittier Trust Co. raised its stake in shares of Corning by 21.7% in the 2nd quarter. Whittier Trust Co. now owns 8,829 shares of the electronics maker’s stock worth $243,000 after buying an additional 1,575 shares in the last quarter. Chicago Partners Investment Group LLC raised its stake in shares of Corning by 5.5% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 32,433 shares of the electronics maker’s stock worth $892,000 after buying an additional 1,691 shares in the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of Corning by 8.8% in the 2nd quarter. Bessemer Group Inc. now owns 21,257 shares of the electronics maker’s stock worth $585,000 after buying an additional 1,714 shares in the last quarter. 70.31% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE GLW opened at $31.23 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.51 and a current ratio of 2.13. The firm has a market capitalization of $24.56 billion, a P/E ratio of 18.16, a P/E/G ratio of 1.97 and a beta of 1.35. Corning Incorporated has a 52-week low of $26.11 and a 52-week high of $36.56.



Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.03. The business had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.99 billion. Corning had a positive return on equity of 13.22% and a negative net margin of 5.86%. The company’s quarterly revenue was up 15.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 EPS. As a group, research analysts expect that Corning Incorporated will post 1.77 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Thursday, November 15th. Corning’s payout ratio is 41.86%.

A number of research firms have recently commented on GLW. UBS Group boosted their price objective on Corning from $29.50 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, July 26th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research note on Monday, October 22nd. Morgan Stanley boosted their price objective on Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, July 26th. Argus boosted their price objective on Corning from $36.00 to $42.00 and gave the stock a “positive” rating in a research note on Thursday, September 20th. Finally, ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Corning currently has a consensus rating of “Buy” and an average target price of $35.89.

In related news, CEO Wendell P. Weeks sold 237,470 shares of Corning stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $32.87, for a total value of $7,805,638.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider R Tony Tripeny sold 67,659 shares of Corning stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $33.00, for a total value of $2,232,747.00. The disclosure for this sale can be found here. Insiders sold a total of 365,021 shares of company stock worth $12,125,404 over the last 90 days. Insiders own 0.46% of the company’s stock.

About Corning

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

Further Reading: What is the balance sheet?

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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