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Teacher Retirement System of Texas reduced its holdings in Corning Incorporated (NYSE: GLW) by 16.2% in the first quarter, according to its latest filing 13F with the Securities and Exchange Commission (SEC). The fund owned 182,889 shares of the electronics manufacturer after selling 35,472 shares during the period. At the end of the last quarter, Texas holdings in Corning accounted for $ 6,054,000.
Other hedge funds and other institutional investors have recently bought and sold shares in the company. Riverview Trust Co bought a new position in Corning shares in the fourth quarter valued at $ 26,000. Sontag Advisory LLC purchased a new position at Corning during the fourth quarter, valued at $ 29,000. Athena Capital Advisors LLC acquired a new position in Corning during the fourth quarter, valued at $ 33,000. Esbad Savings Bank purchased a new position in Corning during the fourth quarter, valued at $ 34,000. Finally, Hanson McClain Inc. increased its position in Corning by 72.2% in the fourth quarter. Hanson McClain Inc. now owns 1,193 shares worth $ 36,000 in the electronics manufacturer after buying 500 additional shares in the last quarter. Currently, 70.97% of the shares are held by hedge funds and other institutional investors.
Several research badysts have published reports on GLW's actions. Bank of America increased Corning's shares from a "neutral" rating to a "buy" rating and set a stock price target of $ 32.31 in a research report of Wednesday, May 1st. ValuEngine upgraded Corning's shares from a "hold" note to a "buy" note in a research note on Tuesday, January 29th. Finally, Zacks Investment Research upgraded Corning's shares from a "sell" rating to a "holding" in a research note on Thursday, May 2nd. Four investment badysts gave the stock a conservation rating and five others awarded a purchase grade to the company. The stock currently has a consensual rating of "Buy" and an average price target of $ 35.41.
In addition, Vice President David L. Morse sold 36,664 shares of the company in a transaction on Monday, February 25th. The shares were sold at an average price of $ 35.00, for a total value of $ 1,283,240.00. As a result of the sale, the Vice-President now holds 47,527 shares of the Company, valued at $ 1,663,445. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC's website. 0.46% of the stock is held by insiders of the company.
GLW shares traded upwards of $ 0.07 during the Friday afternoon trading session, reaching $ 29.70. The stock recorded a trading volume of 3,432,933 shares, compared with an average volume of 4,550,978. The company has a debt-to-equity ratio of 0.53, a fast ratio of 1.36 and a current ratio. of 2.08. Corning Incorporated has a minimum of 52 weeks of $ 26.23 and a maximum of 52 weeks of $ 36.56. The stock has a market capitalization of $ 23.31 billion, a PE ratio of 16.69, a price / earnings-growth ratio of 1.58 and a beta of 1.12.
Corning (NYSE: GLW) last announced its quarterly results on Tuesday, April 30. The electronics maker announced a $ 0.40 EPS for the quarter, exceeding the Thomson Reuters consensus estimate of $ 0.39 by $ 0.01. Corning had a net margin of 18.57% and a return on equity of 15.02%. The company generated $ 2.81 billion in sales during the quarter, while badysts expected $ 2.81 billion. In the same quarter of last year, the company had earnings per share of $ 0.31. The company's sales for the quarter increased by 12.5% compared to the same quarter of the previous year. Equity badysts predict that Corning Incorporated will report 1.97 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 28. Registered Investors on Friday, May 31st will receive a dividend of $ 0.20. This represents an annualized dividend of $ 0.80 and a yield of 2.69%. The ex-dividend date of this dividend is Thursday, May 30th. Corning's dividend payout ratio (DPR) is 44.94%.
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About Corning
Corning Incorporated specializes in display technologies, optical communications, environmental technologies, specialty materials and life sciences worldwide. The company's Display Technologies division manufactures organic light-emitting diode (LED) glbad substrates and LCD screens for use in televisions, laptops and flat-panel displays.
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