Public Employees Retirement System of Ohio Has $14.15 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Public Employees Retirement System of Ohio decreased its stake in Corning Incorporated (NYSE:GLW - Free Report) by 4.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 297,762 shares of the electronics maker's stock after selling 15,116 shares during the period. Public Employees Retirement System of Ohio's holdings in Corning were worth $14,150,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of Corning by 8.5% in the 3rd quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker's stock worth $85,468,000 after purchasing an additional 148,042 shares during the last quarter. Tallon Kerry Patrick bought a new stake in Corning during the 4th quarter valued at $302,000. Atomi Financial Group Inc. grew its position in Corning by 31.2% in the 4th quarter. Atomi Financial Group Inc. now owns 6,295 shares of the electronics maker's stock valued at $299,000 after buying an additional 1,497 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Corning by 3.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 417,631 shares of the electronics maker's stock valued at $19,846,000 after acquiring an additional 12,945 shares during the period. Finally, Secure Asset Management LLC bought a new stake in shares of Corning in the 4th quarter worth $272,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Corning news, 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 sale, the senior vice president now directly owns 16,117 shares in the company, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value 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 over the last three months. 0.40% of the stock is owned by insiders.

Analyst Ratings Changes

GLW has been the topic of a number of research reports. Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Hsbc Global Res upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Bank of America boosted their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Mizuho set a $52.00 target price on shares of Corning in a research report on Tuesday, April 15th. Finally, HSBC raised shares of Corning from a "hold" rating to a "buy" rating and lifted their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $53.08.

Corning Price Performance

NYSE GLW traded down $0.67 during trading on Friday, reaching $49.01. 2,264,350 shares of the company traded hands, compared to its average volume of 5,967,597. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a market cap of $41.98 billion, a price-to-earnings ratio of 84.39, a P/E/G ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 1-year low of $36.21 and a 1-year high of $55.33. The stock's 50 day moving average price is $44.82 and its two-hundred day moving average price is $47.55.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $3.63 billion. During the same period in the prior year, the firm earned $0.38 earnings per share. The company's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.29%. Corning's payout ratio is 215.38%.

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.