Kentucky Retirement Systems cut its position in shares of Corning Incorporated (NYSE:GLW) by 70.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,816 shares of the electronics maker’s stock after selling 84,667 shares during the quarter. Kentucky Retirement Systems’ holdings in Corning were worth $1,052,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Riverview Trust Co bought a new position in Corning in the 4th quarter worth approximately $26,000. Sontag Advisory LLC bought a new stake in shares of Corning during the 4th quarter valued at $29,000. Athena Capital Advisors LLC bought a new stake in shares of Corning during the 4th quarter valued at $33,000. Essex Savings Bank bought a new stake in shares of Corning during the 4th quarter valued at $34,000. Finally, Hanson McClain Inc. raised its position in shares of Corning by 72.2% during the 4th quarter. Hanson McClain Inc. now owns 1,193 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 500 shares during the last quarter. 72.08% of the stock is currently owned by institutional investors and hedge funds.
GLW has been the subject of several recent research reports. Zacks Investment Research upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Wednesday, January 23rd. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, January 29th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Corning has an average rating of “Buy” and a consensus price target of $35.50.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 29th. The electronics maker reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Corning had a net margin of 9.44% and a return on equity of 14.21%. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. During the same period in the previous year, the firm posted $0.49 EPS. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post 2 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, February 28th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 2.30%. Corning’s payout ratio is 44.94%.
In other news, insider David L. Morse sold 35,701 shares of the company’s stock in a transaction dated Wednesday, January 30th. The shares were sold at an average price of $33.71, for a total value of $1,203,480.71. Following the sale, the insider now directly owns 47,961 shares of the company’s stock, valued at approximately $1,616,765.31. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Wendell P. Weeks sold 223,379 shares of the company’s stock in a transaction dated Thursday, February 14th. The shares were sold at an average price of $33.77, for a total transaction of $7,543,508.83. Following the completion of the sale, the chief executive officer now directly owns 114,943 shares in the company, valued at $3,881,625.11. The disclosure for this sale can be found here. Insiders have sold a total of 328,767 shares of company stock worth $11,162,588 over the last three months. Insiders own 0.46% of the company’s stock.
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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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