Teacher Retirement System of Texas Raises Holdings in Corning Incorporated (NYSE:GLW)

Teacher Retirement System of Texas raised its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 354.9% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 218,117 shares of the electronics maker's stock after buying an additional 170,168 shares during the period. Teacher Retirement System of Texas' holdings in Corning were worth $9,985,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of GLW. Brighton Jones LLC raised its stake in shares of Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after buying an additional 2,114 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Corning during the 4th quarter valued at about $115,000. Victory Capital Management Inc. raised its stake in shares of Corning by 54.5% during the 4th quarter. Victory Capital Management Inc. now owns 1,172,566 shares of the electronics maker's stock valued at $55,720,000 after buying an additional 413,529 shares during the last quarter. Assetmark Inc. raised its stake in shares of Corning by 101.5% during the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock valued at $51,000 after buying an additional 542 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in shares of Corning during the 4th quarter valued at about $8,996,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GLW. UBS Group lifted their price target on Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research note on Wednesday. Oppenheimer lowered their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. Citigroup decreased 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. Finally, Morgan Stanley upped their price objective on Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and an average target price of $54.42.

Corning Stock Down 0.2%

Shares of NYSE GLW traded down $0.12 during mid-day trading on Wednesday, hitting $52.61. The company had a trading volume of 3,088,070 shares, compared to its average volume of 5,433,591. The company has a market capitalization of $45.06 billion, a PE ratio of 101.17, a price-to-earnings-growth ratio of 1.42 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The business's 50-day simple moving average is $49.60 and its 200 day simple moving average is $48.20.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period last year, the firm earned $0.38 earnings per share. On average, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Friday, August 29th. Corning's payout ratio is currently 215.38%.

Insiders Place Their Bets

In other news, SVP Soumya Seetharam sold 6,505 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total value of $325,315.05. Following the sale, the senior vice president directly owned 25,000 shares in the company, valued at approximately $1,250,250. This trade represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the transaction, the senior vice president directly owned 16,117 shares in the company, valued at $800,692.56. This trade represents a 51.49% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is owned by company 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.