California State Teachers Retirement System Sells 109,976 Shares of Corning Incorporated (NYSE:GLW)

California State Teachers Retirement System decreased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 10.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 965,592 shares of the electronics maker's stock after selling 109,976 shares during the period. California State Teachers Retirement System owned 0.11% of Corning worth $45,885,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of GLW. Sierra Ocean LLC acquired a new position in Corning during the fourth quarter worth approximately $25,000. Asset Planning Inc acquired a new stake in shares of Corning in the fourth quarter worth $29,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Corning in the fourth quarter worth $29,000. Putney Financial Group LLC acquired a new stake in shares of Corning in the fourth quarter worth $30,000. Finally, Mainstream Capital Management LLC acquired a new stake in shares of Corning in the fourth quarter worth $35,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Insiders Place Their Bets

In related news, VP John Z. Zhang sold 8,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Insiders have sold 69,291 shares of company stock valued at $3,307,320 in the last three months. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

GLW has been the subject of a number of recent analyst reports. Bank of America raised their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Oppenheimer lowered their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Citigroup lowered their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. lowered their price target on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, Wall Street Zen lowered shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and an average price target of $53.08.

Corning Trading Down 0.8%

GLW stock traded down $0.41 during trading on Friday, hitting $49.55. The company had a trading volume of 12,836,651 shares, compared to its average volume of 5,986,805. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average price of $44.83 and a 200-day moving average price of $47.56. Corning Incorporated has a 12 month low of $36.58 and a 12 month high of $55.33. The stock has a market cap of $42.44 billion, a price-to-earnings ratio of 85.43, a PEG ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same quarter in the previous year, the business earned $0.38 EPS. The business's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a yield of 2.26%. Corning's dividend payout ratio (DPR) is presently 215.38%.

Corning Company 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.