State of Tennessee Department of Treasury Buys 3,420 Shares of Corning Incorporated (NYSE:GLW)

State of Tennessee Department of Treasury boosted its position in Corning Incorporated (NYSE:GLW) by 1.1% during the fourth quarter, Holdings Channel reports. The fund owned 303,959 shares of the electronics maker’s stock after acquiring an additional 3,420 shares during the period. State of Tennessee Department of Treasury’s holdings in Corning were worth $14,444,000 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. Norges Bank bought a new position in shares of Corning during the 4th quarter valued at about $490,933,000. Amundi boosted its stake in Corning by 139.0% in the fourth quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after buying an additional 2,268,436 shares in the last quarter. Mariner LLC grew its position in Corning by 134.0% during the fourth quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker’s stock valued at $183,867,000 after acquiring an additional 2,215,840 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Corning during the fourth quarter worth approximately $92,522,000. Finally, Appaloosa LP bought a new stake in shares of Corning in the 4th quarter worth approximately $71,280,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now 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. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on GLW. JPMorgan Chase & Co. reduced their target price on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.31.

Corning Stock Performance

Shares of GLW stock opened at $41.76 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a fifty day moving average of $45.99 and a 200 day moving average of $47.64. The firm has a market capitalization of $35.78 billion, a price-to-earnings ratio of 72.00, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52 week low of $31.20 and a 52 week high of $55.33.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS 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, research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.68%. Corning’s dividend payout ratio (DPR) is 193.10%.

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.