Corning Incorporated (NYSE:GLW) Stock Position Decreased by State of Michigan Retirement System

State of Michigan Retirement System cut its stake in shares of Corning Incorporated (NYSE:GLW) by 2.6% during the fourth quarter, Holdings Channel reports. The firm owned 255,959 shares of the electronics maker’s stock after selling 6,700 shares during the quarter. State of Michigan Retirement System’s holdings in Corning were worth $12,163,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Janney Montgomery Scott LLC lifted its stake in Corning by 6.7% during the third quarter. Janney Montgomery Scott LLC now owns 404,686 shares of the electronics maker’s stock valued at $18,272,000 after buying an additional 25,576 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Corning by 372.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 413,327 shares of the electronics maker’s stock valued at $18,662,000 after acquiring an additional 325,776 shares during the period. National Pension Service lifted its position in shares of Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after acquiring an additional 152,922 shares in the last quarter. Asset Management One Co. Ltd. boosted its stake in Corning by 4.2% in the 3rd quarter. Asset Management One Co. Ltd. now owns 328,220 shares of the electronics maker’s stock worth $14,819,000 after purchasing an additional 13,146 shares during the period. Finally, NorthRock Partners LLC purchased a new position in Corning during the 3rd quarter worth approximately $215,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In related news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $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.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GLW. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Barclays lowered their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Hsbc Global Res raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, Morgan Stanley boosted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Stock Performance

Shares of GLW opened at $47.12 on Thursday. The firm has a market cap of $40.36 billion, a price-to-earnings ratio of 81.23, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company’s fifty day moving average is $50.15 and its 200-day moving average is $47.31. 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 12 month low of $30.72 and a 12 month 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%. Equities analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.38%. Corning’s payout ratio is currently 193.10%.

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.