Texas Permanent School Fund Has $3.41 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Posted by Defense World Staff on May 8th, 2023

Texas Permanent School Fund lessened its holdings in Corning Incorporated (NYSE:GLW – Get Rating) by 1.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 106,621 shares of the electronics maker’s stock after selling 1,025 shares during the period. Texas Permanent School Fund’s holdings in Corning were worth $3,405,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Corning in the fourth quarter worth $435,000. Providence Capital Advisors LLC boosted its holdings in shares of Corning by 5.7% during the fourth quarter. Providence Capital Advisors LLC now owns 140,374 shares of the electronics maker’s stock worth $4,484,000 after purchasing an additional 7,600 shares during the period. Toronto Dominion Bank boosted its holdings in shares of Corning by 9.3% during the fourth quarter. Toronto Dominion Bank now owns 470,112 shares of the electronics maker’s stock worth $15,007,000 after purchasing an additional 39,823 shares during the period. Canandaigua National Corp boosted its holdings in shares of Corning by 2.8% during the fourth quarter. Canandaigua National Corp now owns 23,122 shares of the electronics maker’s stock worth $739,000 after purchasing an additional 635 shares during the period. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Corning during the fourth quarter worth approximately $554,000. Institutional investors and hedge funds own 67.79% of the company’s stock.

Insider Buying and Selling at Corning

In other Corning news, insider Li Fang sold 19,909 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total value of $700,199.53. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Corning news, insider Li Fang sold 19,909 shares of the company’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total value of $700,199.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lewis A. Steverson sold 21,833 shares of the stock in a transaction on Friday, April 28th. The stock was sold at an average price of $33.11, for a total value of $722,890.63. Following the transaction, the executive vice president now owns 37,496 shares of the company’s stock, valued at approximately $1,241,492.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 70,316 shares of company stock valued at $2,370,033. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on GLW. Credit Suisse Group cut their price objective on shares of Corning from $41.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 1st. UBS Group dropped their price target on shares of Corning from $40.00 to $39.00 in a research report on Wednesday, April 26th. StockNews.com initiated coverage on shares of Corning in a research report on Thursday, March 16th. They issued a “hold” rating on the stock. Susquehanna lifted their price target on shares of Corning from $39.00 to $40.00 and gave the company a “positive” rating in a research report on Thursday, February 2nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Corning from $38.00 to $37.00 in a research report on Wednesday, April 26th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $37.89.

Corning Stock Performance

GLW opened at $31.48 on Monday. The firm has a market cap of $26.76 billion, a P/E ratio of 29.70, a price-to-earnings-growth ratio of 2.27 and a beta of 1.06. Corning Incorporated has a 52-week low of $28.98 and a 52-week high of $37.73. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.84 and a current ratio of 1.44. The business’s fifty day moving average is $33.76 and its 200-day moving average is $33.88.

Corning (NYSE:GLW – Get Rating) last released its quarterly earnings data on Tuesday, April 25th. The electronics maker reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.02. Corning had a return on equity of 13.99% and a net margin of 6.66%. The business had revenue of $3.37 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same period last year, the firm posted $0.54 earnings per share. Corning’s revenue was down 10.1% compared to the same quarter last year. Sell-side analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 29th. Shareholders of record on Wednesday, May 31st will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.56%. The ex-dividend date is Tuesday, May 30th. Corning’s dividend payout ratio (DPR) is presently 105.66%.

Corning Company Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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