California Public Employees Retirement System lowered its position in Corning Incorporated (NYSE:GLW) by 0.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,524,292 shares of the electronics maker’s stock after selling 7,794 shares during the quarter. California Public Employees Retirement System owned approximately 0.29% of Corning worth $75,527,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Corning by 1.6% in the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock worth $1,866,151,000 after acquiring an additional 965,976 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Corning by 5.7% in the second quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock worth $537,381,000 after acquiring an additional 971,936 shares during the last quarter. LSV Asset Management lifted its stake in Corning by 1.3% in the second quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock worth $391,002,000 after acquiring an additional 165,214 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Corning during the 3rd quarter worth approximately $275,460,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Corning by 0.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after buying an additional 56,973 shares during the last quarter. Institutional investors own 72.43% of the company’s stock.

Corning Incorporated (GLW) opened at $32.50 on Wednesday. The company has a market cap of $28,305.20, a price-to-earnings ratio of 18.72, a PEG ratio of 2.71 and a beta of 1.33. Corning Incorporated has a 1-year low of $24.12 and a 1-year high of $32.81. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 EPS. analysts predict that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be issued a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.91%. Corning’s payout ratio is 26.38%.

Several analysts have recently weighed in on the stock. Guggenheim restated a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Tuesday. BidaskClub downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th. Goldman Sachs Group downgraded shares of Corning from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $29.00 to $26.00 in a research report on Tuesday, August 15th. Jefferies Group restated a “hold” rating and set a $29.50 price objective on shares of Corning in a research report on Friday, October 6th. Finally, Zacks Investment Research downgraded shares of Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Corning has a consensus rating of “Hold” and a consensus price target of $29.28.

In other news, insider Mark S. Rogus sold 9,242 shares of Corning stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total value of $296,853.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the completion of the transaction, the chief executive officer now directly owns 65,333 shares in the company, valued at $2,049,496.21. The disclosure for this sale can be found here. Insiders sold a total of 294,561 shares of company stock worth $9,254,498 over the last ninety days. Corporate insiders own 0.59% of the company’s stock.

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Corning Profile

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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