Teacher Retirement System of Texas Decreases Stake in Corning Incorporated (GLW)
Teacher Retirement System of Texas decreased its position in Corning Incorporated (NYSE:GLW) by 1.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 435,806 shares of the electronics maker’s stock after selling 8,115 shares during the quarter. Teacher Retirement System of Texas’ holdings in Corning were worth $13,941,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of GLW. MPS Loria Financial Planners LLC acquired a new position in shares of Corning in the second quarter valued at approximately $112,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Corning by 241.6% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after purchasing an additional 2,650 shares during the last quarter. Motco grew its position in shares of Corning by 150.4% in the fourth quarter. Motco now owns 3,538 shares of the electronics maker’s stock valued at $113,000 after purchasing an additional 2,125 shares during the last quarter. Cable Hill Partners LLC grew its position in shares of Corning by 1,041.3% in the third quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock valued at $158,000 after purchasing an additional 4,811 shares during the last quarter. Finally, Bank of Nova Scotia Trust Co. acquired a new position in shares of Corning in the third quarter valued at approximately $163,000. 71.82% of the stock is currently owned by institutional investors.
Shares of Corning Incorporated (NYSE GLW) opened at $28.77 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.75 and a quick ratio of 2.22. The stock has a market capitalization of $25,002.78, a P/E ratio of 16.63, a P/E/G ratio of 4.30 and a beta of 1.34. Corning Incorporated has a 12 month low of $26.31 and a 12 month high of $35.10.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be paid a dividend of $0.18 per share. The ex-dividend date is Tuesday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 2.50%. Corning’s dividend payout ratio is presently -79.49%.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the company’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the completion of the sale, the insider now directly owns 136,032 shares in the company, valued at $4,410,157.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Deborah Rieman sold 2,083 shares of the company’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total value of $66,989.28. Following the sale, the director now owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The disclosure for this sale can be found here. 0.59% of the stock is owned by corporate insiders.
Several research firms have recently commented on GLW. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research report on Wednesday, January 31st. Guggenheim reaffirmed a “buy” rating on shares of Corning in a research report on Tuesday, January 30th. Citigroup boosted their price target on Corning from $33.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. Finally, Barclays set a $38.00 price target on Corning and gave the company a “buy” rating in a research note on Wednesday, January 10th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $31.47.
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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).
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