Louisiana State Employees Retirement System Purchases 300 Shares of Corning Incorporated (NYSE:GLW)

Posted by Defense World Staff on Jul 4th, 2023

Louisiana State Employees Retirement System boosted its position in Corning Incorporated (NYSE:GLW – Free Report) by 0.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 49,500 shares of the electronics maker’s stock after purchasing an additional 300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Corning were worth $1,746,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in GLW. Cibc World Market Inc. boosted its position in Corning by 22.1% in the first quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock valued at $2,420,000 after buying an additional 11,884 shares during the last quarter. Prudential PLC purchased a new stake in Corning in the 1st quarter worth approximately $588,000. Sequoia Financial Advisors LLC boosted its position in Corning by 15.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock worth $293,000 after purchasing an additional 1,062 shares in the last quarter. Vanguard Group Inc. boosted its position in Corning by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after purchasing an additional 671,480 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its position in Corning by 24.4% in the 1st quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock worth $26,388,000 after purchasing an additional 140,098 shares in the last quarter. 68.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Corning news, EVP Lewis A. Steverson sold 21,833 shares of the company’s 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 sale, the executive vice president now owns 37,496 shares of the company’s stock, valued at $1,241,492.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Corning news, EVP Lewis A. Steverson sold 21,833 shares of the company’s 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 sale, the executive vice president now owns 37,496 shares of the company’s stock, valued at $1,241,492.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Alan Bell sold 35,045 shares of the company’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $35.00, for a total value of $1,226,575.00. The disclosure for this sale can be found here. Insiders have sold 161,334 shares of company stock valued at $5,294,350 over the last quarter. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Morgan Stanley raised Corning from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $35.00 to $38.00 in a research note on Friday, June 9th. JPMorgan Chase & Co. increased their price objective on Corning from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, April 19th. Citigroup raised Corning from a “neutral” rating to a “buy” rating and increased their price objective for the company from $36.00 to $40.00 in a research note on Thursday, June 15th. 888 reissued an “upgrade” rating on shares of Corning in a research note on Friday, June 9th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Corning from $38.00 to $37.00 in a research note on Wednesday, April 26th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $38.67.

Corning Stock Performance

Shares of Corning stock opened at $35.16 on Tuesday. The business has a 50-day simple moving average of $32.48 and a 200-day simple moving average of $33.70. The company has a market cap of $29.89 billion, a PE ratio of 33.17, a P/E/G ratio of 2.35 and a beta of 1.09. Corning Incorporated has a one year low of $28.98 and a one year 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.

Corning (NYSE:GLW – Free Report) last released its earnings results on Tuesday, April 25th. The electronics maker reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was down 10.1% compared to the same quarter last year. On average, equities research analysts forecast that Corning Incorporated will post 1.94 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Thursday, August 31st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date is Wednesday, August 30th. Corning’s dividend payout ratio is presently 105.66%.

Corning Company Profile

(Free Report)

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.