California Public Employees Retirement System Has $164.97 Million Stake in Corning Incorporated (NYSE:GLW)

California Public Employees Retirement System trimmed its stake in Corning Incorporated (NYSE:GLW - Free Report) by 1.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,471,524 shares of the electronics maker's stock after selling 62,606 shares during the quarter. California Public Employees Retirement System owned approximately 0.41% of Corning worth $164,967,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Sound Income Strategies LLC raised its holdings in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock worth $25,000 after buying an additional 227 shares during the period. Sierra Ocean LLC acquired a new stake in shares of Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc purchased a new stake in shares of Corning in the 4th quarter valued at approximately $29,000. Rosenberg Matthew Hamilton boosted its stake in Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock worth $35,000 after purchasing an additional 500 shares during the period. Finally, Mainstream Capital Management LLC purchased a new position in Corning during the 4th quarter worth approximately $35,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Down 0.6 %

Shares of NYSE:GLW traded down $0.26 on Tuesday, reaching $45.53. The company had a trading volume of 6,700,113 shares, compared to its average volume of 5,780,858. The stock has a market capitalization of $39.00 billion, a P/E ratio of 78.49, a P/E/G ratio of 1.50 and a beta of 1.03. The stock has a 50-day moving average price of $49.64 and a 200 day moving average price of $48.00. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

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Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, equities analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.46%. Corning's dividend payout ratio is 193.10%.

Insider Buying and Selling at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the company's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GLW. Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. StockNews.com cut Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Citigroup raised their price target on shares of Corning from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. Finally, Morgan Stanley upped their price objective on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $54.31.

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.