Corning Incorporated (NYSE:GLW) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 2.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 614,766 shares of the electronics maker's stock after selling 16,919 shares during the quarter. New York State Teachers Retirement System owned approximately 0.07% of Corning worth $29,214,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Sound Income Strategies LLC boosted its stake 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 purchasing an additional 227 shares during the last quarter. Asset Planning Inc acquired a new stake in Corning during the 4th quarter worth $29,000. Rosenberg Matthew Hamilton boosted its stake in Corning by 202.4% during 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 last quarter. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning during the 3rd quarter valued at about $39,000. Finally, RPg Family Wealth Advisory LLC acquired a new position in shares of Corning during the 3rd quarter valued at about $40,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Activity

In other news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,085 shares of company stock worth $2,345,436 over the last ninety days. 0.45% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on GLW. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and boosted their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Barclays lowered their price target on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 29th. StockNews.com raised shares of Corning from a "hold" rating to a "buy" rating in a research report on Tuesday, December 24th. Finally, Oppenheimer reissued an "outperform" rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Corning presently has a consensus rating of "Moderate Buy" and an average price target of $53.00.

Corning Stock Performance

Shares of NYSE GLW traded down $0.32 during mid-day trading on Wednesday, hitting $52.57. 3,414,050 shares of the company were exchanged, compared to its average volume of 5,611,152. The stock has a 50 day simple moving average of $49.69 and a 200-day simple moving average of $46.48. The firm has a market cap of $45.03 billion, a price-to-earnings ratio of 90.64, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data 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%. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders 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 annualized dividend and a dividend yield of 2.13%. Corning's dividend payout ratio is presently 193.11%.

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.