New York State Common Retirement Fund Decreases Position in Corning Incorporated (NYSE:GLW)

New York State Common Retirement Fund decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 9.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 577,232 shares of the electronics maker’s stock after selling 62,759 shares during the quarter. New York State Common Retirement Fund’s holdings in Corning were worth $17,577,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Peoples Bank KS purchased a new stake in Corning during the third quarter worth approximately $25,000. OFI Invest Asset Management purchased a new stake in Corning during the third quarter worth approximately $25,000. SRS Capital Advisors Inc. lifted its stake in Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in Corning during the fourth quarter worth approximately $31,000. Finally, Emfo LLC purchased a new stake in Corning in the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.1 %

Shares of GLW stock opened at $31.33 on Monday. The business’s fifty day moving average price is $32.28 and its 200 day moving average price is $30.47. 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 PE ratio of 46.76, a P/E/G ratio of 1.73 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the prior year, the company posted $0.47 earnings per share. Corning’s quarterly revenue was down 12.1% on a year-over-year basis. As a group, sell-side analysts forecast that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors 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 yield of 3.57%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is presently 167.16%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GLW. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. JPMorgan Chase & Co. boosted their price objective on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. Barclays boosted their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Finally, Susquehanna reiterated a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Corning has an average rating of “Hold” and an average price target of $34.78.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.45% of the stock is currently owned by corporate insiders.

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.