New York State Teachers Retirement System Raises Position in Corning Incorporated (NYSE:GLW)

New York State Teachers Retirement System grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 631,685 shares of the electronics maker’s stock after purchasing an additional 5,633 shares during the period. New York State Teachers Retirement System’s holdings in Corning were worth $28,521,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Access Investment Management LLC purchased a new position in Corning in the 1st quarter worth $28,000. City Holding Co. raised its stake in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the last quarter. ESL Trust Services LLC purchased a new position in Corning in the 1st quarter worth $33,000. Accordant Advisory Group Inc purchased a new position in Corning in the 2nd quarter worth $39,000. Finally, Global Trust Asset Management LLC raised its stake in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on GLW shares. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday. Susquehanna increased their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

Shares of Corning stock opened at $47.59 on Friday. The business’s fifty day moving average price is $44.40 and its 200 day moving average price is $40.22. The stock has a market capitalization of $40.72 billion, a P/E ratio of 279.94, a PEG ratio of 1.61 and a beta of 1.04. Corning Incorporated has a twelve month low of $26.41 and a twelve month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 0.98 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the company posted $0.45 earnings per share. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, research analysts anticipate that Corning Incorporated will post 1.93 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.35%. Corning’s payout ratio is 658.82%.

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.