Strs Ohio Grows Position in Corning Incorporated (NYSE:GLW)

Strs Ohio raised its position in shares of Corning Incorporated (NYSE:GLW) by 2.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 551,845 shares of the electronics maker’s stock after buying an additional 10,832 shares during the quarter. Strs Ohio owned about 0.06% of Corning worth $16,803,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Keene & Associates Inc. boosted its stake in shares of Corning by 3.3% during the fourth quarter. Keene & Associates Inc. now owns 95,778 shares of the electronics maker’s stock valued at $2,916,000 after purchasing an additional 3,047 shares during the period. Romano Brothers AND Company raised its holdings in shares of Corning by 6.6% in the fourth quarter. Romano Brothers AND Company now owns 42,875 shares of the electronics maker’s stock valued at $1,306,000 after acquiring an additional 2,640 shares in the last quarter. Altus Wealth Group LLC raised its holdings in shares of Corning by 16.4% in the fourth quarter. Altus Wealth Group LLC now owns 17,001 shares of the electronics maker’s stock valued at $518,000 after acquiring an additional 2,390 shares in the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of Corning in the fourth quarter valued at about $1,413,000. Finally, Byrne Asset Management LLC raised its holdings in Corning by 5.2% in the fourth quarter. Byrne Asset Management LLC now owns 25,315 shares of the electronics maker’s stock worth $774,000 after purchasing an additional 1,245 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

GLW opened at $30.92 on Wednesday. The firm’s 50-day moving average price is $32.36 and its 200-day moving average price is $30.38. The company has a market cap of $26.44 billion, a P/E ratio of 46.14, a price-to-earnings-growth ratio of 1.78 and a beta of 1.08. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting analysts’ consensus estimates of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. Corning’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.47 earnings per share. As a group, equities analysts anticipate that Corning Incorporated will post 1.86 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.62%. Corning’s dividend payout ratio is currently 167.16%.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.45% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Susquehanna reiterated a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. UBS Group boosted their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $34.56.

Corning 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.