New York State Common Retirement Fund Decreases Stock Holdings in Corning Incorporated (NYSE:GLW)

New York State Common Retirement Fund trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 9.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 577,232 shares of the electronics maker’s stock after selling 62,759 shares during the quarter. New York State Common Retirement Fund owned about 0.07% of Corning worth $17,577,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Wellington Management Group LLP lifted its position in shares of Corning by 7.7% during the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after buying an additional 2,055,388 shares during the last quarter. Morgan Stanley lifted its position in shares of Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after buying an additional 1,060,450 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after buying an additional 2,301,745 shares during the last quarter. Northern Trust Corp lifted its position in shares of Corning by 2.0% during the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock valued at $366,856,000 after buying an additional 232,699 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Corning by 6.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after purchasing an additional 490,638 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction 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 sale, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.45% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. HSBC lowered 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. UBS Group increased their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. JPMorgan Chase & Co. increased their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Barclays increased their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. Finally, StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $34.78.

Corning Price Performance

Shares of NYSE GLW opened at $31.33 on Monday. The stock has a market capitalization of $26.80 billion, a price-to-earnings ratio of 46.76, a PEG ratio of 1.73 and a beta of 1.08. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The firm’s 50 day simple moving average is $32.28 and its 200-day simple moving average is $30.47. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter last year, the company earned $0.47 EPS. The business’s revenue was down 12.1% on a year-over-year basis. Analysts expect that Corning Incorporated will post 1.87 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.57%. Corning’s dividend payout ratio is currently 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.