New York State Teachers Retirement System Has $29.21 Million Holdings in Corning Incorporated (NYSE:GLW)

New York State Teachers Retirement System trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 614,766 shares of the electronics maker’s stock after selling 16,919 shares during the period. New York State Teachers Retirement System owned approximately 0.07% of Corning worth $29,214,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Swedbank AB lifted its holdings in shares of Corning by 60.2% during the third quarter. Swedbank AB now owns 38,314 shares of the electronics maker’s stock worth $1,730,000 after buying an additional 14,403 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new stake in Corning in the 3rd quarter worth $214,000. Good Life Advisors LLC raised its position in shares of Corning by 19.0% during the third quarter. Good Life Advisors LLC now owns 11,314 shares of the electronics maker’s stock valued at $511,000 after buying an additional 1,804 shares during the last quarter. Bleakley Financial Group LLC lifted its stake in shares of Corning by 10.1% in the third quarter. Bleakley Financial Group LLC now owns 12,316 shares of the electronics maker’s stock valued at $556,000 after buying an additional 1,130 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Corning by 2.8% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 80,776 shares of the electronics maker’s stock valued at $3,647,000 after acquiring an additional 2,179 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 46,085 shares of company stock valued at $2,345,436. 0.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GLW. UBS Group boosted their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Morgan Stanley lifted their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and raised their target price for the stock from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Citigroup upped their price target on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Corning Trading Up 0.9 %

GLW opened at $52.58 on Friday. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33. The firm has a 50-day moving average price of $49.52 and a two-hundred day moving average price of $46.23. The stock has a market capitalization of $45.02 billion, a PE ratio of 90.66, a PEG ratio of 1.55 and a beta of 1.03. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.13%. Corning’s payout ratio is 193.11%.

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.