Public Employees Retirement System of Ohio Purchases 20,586 Shares of Corning Incorporated (NYSE:GLW)

Public Employees Retirement System of Ohio boosted its position in Corning Incorporated (NYSE:GLW - Free Report) by 7.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 312,878 shares of the electronics maker's stock after purchasing an additional 20,586 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Corning were worth $14,126,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of GLW. City Holding Co. boosted its position in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after acquiring an additional 600 shares during the last quarter. Accordant Advisory Group Inc purchased a new stake in Corning in the second quarter valued at approximately $39,000. Cassady Schiller Wealth Management LLC bought a new stake in Corning during the third quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC purchased a new position in Corning in the 3rd quarter worth approximately $40,000. Finally, Global Trust Asset Management LLC increased its holdings in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock worth $42,000 after buying an additional 900 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Trading Up 2.1 %

GLW stock traded up $0.98 during midday trading on Thursday, hitting $48.61. The company had a trading volume of 4,647,702 shares, compared to its average volume of 5,560,750. The stock has a market cap of $41.62 billion, a price-to-earnings ratio of 285.94, a PEG ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 52 week low of $29.14 and a 52 week high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock's 50 day moving average price is $47.42 and its 200 day moving average price is $43.24.

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

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend yield of 2.30%. Corning's dividend payout ratio is currently 658.82%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GLW. Barclays lifted their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 29th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a research note on Wednesday, December 4th. UBS Group increased 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. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and a consensus target price of $50.08.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company's stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Corning 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.