California Public Employees Retirement System Boosts Stock Position in Corning Incorporated (NYSE:GLW)

California Public Employees Retirement System lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 1.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,564,273 shares of the electronics maker’s stock after buying an additional 77,299 shares during the quarter. California Public Employees Retirement System owned approximately 0.53% of Corning worth $138,982,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in GLW. Peoples Bank KS bought a new stake in shares of Corning in the 3rd quarter worth about $25,000. OFI Invest Asset Management bought a new position in Corning during the 3rd quarter worth approximately $25,000. SRS Capital Advisors Inc. grew its position in shares of Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of Corning during the 4th quarter valued at approximately $31,000. Finally, Emfo LLC acquired a new position in Corning in the fourth quarter worth $33,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research reports. Susquehanna reissued a “positive” rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price objective on shares of Corning in a research note on Monday. Barclays lifted their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $34.78.

Corning Price Performance

NYSE:GLW opened at $31.53 on Wednesday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a market cap of $26.97 billion, a P/E ratio of 47.06, a PEG ratio of 1.75 and a beta of 1.08. The business’s 50-day moving average price is $32.31 and its 200 day moving average price is $30.42.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the previous year, the company posted $0.47 EPS. The business’s revenue was down 12.1% compared to the same quarter last year. As a group, sell-side analysts predict that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is 167.16%.

Insider Activity at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.45% of the stock is currently owned by corporate 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.