National Pension Service Purchases 152,922 Shares of Corning Incorporated (NYSE:GLW)

National Pension Service increased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 11.3% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,508,868 shares of the electronics maker's stock after purchasing an additional 152,922 shares during the period. National Pension Service owned 0.18% of Corning worth $68,125,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its position in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker's stock worth $566,941,000 after buying an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker's stock valued at $401,826,000 after acquiring an additional 426,864 shares during the last quarter. Natixis grew its holdings in shares of Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker's stock worth $59,585,000 after purchasing an additional 1,735,638 shares in the last quarter. Raymond James & Associates increased its position in shares of Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker's stock worth $64,667,000 after purchasing an additional 42,818 shares during the last quarter. Finally, APG Asset Management N.V. raised its stake in Corning by 19.8% in the second quarter. APG Asset Management N.V. now owns 1,486,483 shares of the electronics maker's stock valued at $53,884,000 after purchasing an additional 245,830 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on GLW. Citigroup upped their target price on shares of Corning from $45.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, July 12th. Argus increased their price objective on Corning from $40.00 to $50.00 and gave the company a "buy" rating in a research report on Tuesday, July 9th. Susquehanna upped their price objective on shares of Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research note on Friday, September 20th. Morgan Stanley restated an "equal weight" rating and set a $39.00 target price on shares of Corning in a report on Friday, July 26th. Finally, HSBC upgraded shares of Corning from a "reduce" rating to a "hold" rating and set a $37.00 price objective on the stock in a research report on Tuesday, July 9th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $50.08.

Corning Stock Up 2.0 %

Shares of Corning stock traded up $0.96 during midday trading on Wednesday, hitting $48.24. The company had a trading volume of 5,073,186 shares, compared to its average volume of 5,736,017. Corning Incorporated has a 52-week low of $26.94 and a 52-week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company has a 50 day moving average of $44.83 and a 200 day moving average of $40.75. The stock has a market capitalization of $41.30 billion, a P/E ratio of 283.76, a P/E/G ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning's revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 EPS. On average, equities analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning's dividend payout ratio is currently 658.82%.

About Corning

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.