Illinois Municipal Retirement Fund Sells 131,565 Shares of Corning Incorporated (NYSE:GLW)

Illinois Municipal Retirement Fund trimmed its holdings in Corning Incorporated (NYSE:GLW) by 76.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,744 shares of the electronics maker’s stock after selling 131,565 shares during the period. Illinois Municipal Retirement Fund’s holdings in Corning were worth $1,210,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Natixis Advisors L.P. lifted its stake in shares of Corning by 5.9% in the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after acquiring an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC bought a new position in shares of Corning during the 4th quarter worth about $1,199,000. HB Wealth Management LLC lifted its position in Corning by 24.2% in the 4th quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after acquiring an additional 1,926 shares in the last quarter. SG Americas Securities LLC lifted its position in Corning by 59.8% in the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after acquiring an additional 40,564 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Corning by 6.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after acquiring an additional 490,638 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on GLW. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a research report on Thursday, February 1st. Barclays lifted their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Morgan Stanley reissued an “overweight” rating and set a $35.00 target price on shares of Corning in a research report on Monday, April 22nd. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, UBS Group lifted their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $34.78.

Corning Stock Down 0.1 %

Corning stock opened at $31.33 on Friday. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The firm has a market capitalization of $26.80 billion, a price-to-earnings ratio of 46.76, a P/E/G ratio of 1.73 and a beta of 1.08. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The firm has a 50 day simple moving average of $32.28 and a 200 day simple moving average of $30.46.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. Corning’s revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.47 EPS. On average, analysts predict that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

Corning Company 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.