Texas Permanent School Fund Corp Has $4.93 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Texas Permanent School Fund Corp trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 20.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 126,914 shares of the electronics maker’s stock after selling 31,819 shares during the period. Texas Permanent School Fund Corp’s holdings in Corning were worth $4,931,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Grove Bank & Trust raised its position in Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after buying an additional 250 shares during the period. Burns J W & Co. Inc. NY raised its position in Corning by 1.9% during the second quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after buying an additional 251 shares during the period. Long Run Wealth Advisors LLC raised its position in Corning by 0.8% during the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after buying an additional 274 shares during the period. Legacy Capital Group California Inc. raised its position in Corning by 1.0% during the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after buying an additional 278 shares during the period. Finally, Alaska Permanent Fund Corp raised its position in Corning by 0.4% during the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after buying an additional 329 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. JPMorgan Chase & Co. raised their price target on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research note on Tuesday, July 9th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $47.00 price target (down from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $45.62.

Corning Stock Up 0.0 %

Shares of GLW stock opened at $41.87 on Friday. The stock’s 50 day simple moving average is $41.76 and its 200 day simple moving average is $37.05. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The company has a market capitalization of $35.86 billion, a price-to-earnings ratio of 58.96, a PEG ratio of 1.57 and a beta of 1.04.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period last year, the business earned $0.45 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. As a group, research analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio (DPR) is currently 157.75%.

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.