New York State Teachers Retirement System Has $20.47 Million Position in Corning Incorporated (NYSE:GLW)

New York State Teachers Retirement System decreased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 8.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 672,149 shares of the electronics maker's stock after selling 64,623 shares during the period. New York State Teachers Retirement System owned about 0.08% of Corning worth $20,467,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Peoples Bank KS purchased a new stake in Corning during the 3rd quarter worth $25,000. OFI Invest Asset Management bought a new stake in shares of Corning in the 3rd quarter worth about $25,000. Janiczek Wealth Management LLC increased its position in shares of Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker's stock worth $27,000 after purchasing an additional 571 shares during the last quarter. Pacifica Partners Inc. bought a new stake in shares of Corning in the 3rd quarter worth about $28,000. Finally, SRS Capital Advisors Inc. increased 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 purchasing an additional 652 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GLW. StockNews.com raised shares of Corning from a "sell" rating to a "hold" rating in a research report on Monday, April 1st. Susquehanna reaffirmed a "positive" rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. Barclays boosted their price objective on shares of Corning from $28.00 to $35.00 and gave the company an "equal weight" rating in a research report on Wednesday, January 31st. UBS Group boosted their price objective on shares of Corning from $34.00 to $35.00 and gave the company a "neutral" rating in a research report on Monday. Finally, HSBC downgraded shares of 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 equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $34.00.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the 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 completion of the transaction, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.45% of the company's stock.

Corning Stock Performance

Corning stock traded up $0.36 during midday trading on Tuesday, reaching $32.55. 4,341,670 shares of the stock traded hands, compared to its average volume of 4,768,343. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The firm has a fifty day moving average price of $32.42 and a two-hundred day moving average price of $30.33. The firm has a market cap of $27.84 billion, a price-to-earnings ratio of 48.58, a PEG ratio of 1.85 and a beta of 1.08. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.39. The business had revenue of $2.99 billion during the quarter, compared to analysts' expectations of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business's revenue was down 12.1% on a year-over-year basis. During the same period last year, the firm posted $0.47 earnings per share. On average, equities research analysts forecast that Corning Incorporated will post 1.86 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.44%. The ex-dividend date was Wednesday, February 28th. Corning's dividend payout ratio (DPR) is presently 167.16%.

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.