Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $7.79 Million Stake in Corning Incorporated (NYSE:GLW)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 163,850 shares of the electronics maker’s stock after selling 3,800 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Corning were worth $7,786,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Magnetar Financial LLC acquired a new position in Corning during the fourth quarter worth about $226,000. Talos Asset Management LP acquired a new position in Corning during the fourth quarter worth about $23,313,000. Teacher Retirement System of Texas raised its stake in Corning by 780.1% during the fourth quarter. Teacher Retirement System of Texas now owns 47,949 shares of the electronics maker’s stock worth $2,279,000 after acquiring an additional 42,501 shares in the last quarter. Generali Investments Management Co LLC acquired a new position in Corning during the fourth quarter worth about $948,000. Finally, Investment House LLC raised its stake in Corning by 1.2% during the fourth quarter. Investment House LLC now owns 53,691 shares of the electronics maker’s stock worth $2,551,000 after acquiring an additional 625 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Eric S. Musser sold 30,000 shares of the stock in a transaction 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 completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.45% of the company’s stock.

Corning Price Performance

Corning stock opened at $48.49 on Friday. The stock has a market capitalization of $41.53 billion, a price-to-earnings ratio of 83.60, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The stock’s 50 day moving average price is $49.91 and its two-hundred day moving average price is $47.63. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

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

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is 193.10%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several recent research reports. Barclays lowered their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. HSBC raised Corning from a “hold” rating to a “buy” rating and upped their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Bank of America upped their price objective on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Citigroup upped their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average 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.