Board of the Pension Protection Fund Invests $1 Million in Corning Incorporated (NYSE:GLW)

Board of the Pension Protection Fund purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 21,900 shares of the electronics maker's stock, valued at approximately $1,003,000. Corning comprises about 1.1% of Board of the Pension Protection Fund's investment portfolio, making the stock its 15th biggest position.

A number of other large investors have also recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Corning in the 4th quarter valued at approximately $490,933,000. Polar Capital Holdings Plc acquired a new stake in shares of Corning during the fourth quarter worth $124,253,000. Amundi grew its position in Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock valued at $186,186,000 after buying an additional 2,268,436 shares during the last quarter. Mariner LLC grew its position in Corning by 134.0% in the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock valued at $183,867,000 after buying an additional 2,215,840 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Corning during the 4th quarter worth $92,522,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Price Performance

GLW stock traded up $0.17 during midday trading on Friday, hitting $51.87. 5,295,413 shares of the stock were exchanged, compared to its average volume of 5,681,623. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. The stock has a market cap of $44.42 billion, a price-to-earnings ratio of 99.74, a PEG ratio of 1.39 and a beta of 1.11. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $55.33. The stock's 50-day moving average price is $47.88 and its 200-day moving average price is $47.89.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business's revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 EPS. Research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.16%. Corning's dividend payout ratio is presently 215.38%.

Wall Street Analysts Forecast Growth

GLW has been the topic of several analyst reports. Bank of America lifted their target price on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Citigroup lowered their price objective on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Mizuho set a $52.00 target price on Corning in a research report on Tuesday, April 15th. Oppenheimer reduced their price target on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. decreased their price target on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $53.75.

Insider Transactions at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president now directly owns 16,117 shares of the company's stock, valued at $800,692.56. The trade was a 51.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock valued at $3,632,635 in the last ninety days. Corporate insiders own 0.40% of the company's stock.

About Corning

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.