New York State Teachers Retirement System Acquires 5,633 Shares of Corning Incorporated (NYSE:GLW)

New York State Teachers Retirement System lifted its holdings in Corning Incorporated (NYSE:GLW) by 0.9% in the third 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 acquiring an additional 5,633 shares during the period. New York State Teachers Retirement System owned 0.07% of Corning worth $28,521,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after acquiring an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after purchasing an additional 426,864 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Corning by 2.1% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock worth $69,109,000 after purchasing an additional 42,832 shares during the last quarter. Natixis lifted its stake in Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after purchasing an additional 42,818 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.9 %

Shares of NYSE GLW opened at $47.59 on Friday. Corning Incorporated has a 1-year low of $26.41 and a 1-year high of $51.03. The business has a fifty day moving average price of $44.40 and a 200 day moving average price of $40.22. The stock has a market capitalization of $40.72 billion, a P/E ratio of 279.94, a price-to-earnings-growth ratio of 1.61 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.98.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Equities research analysts expect that Corning Incorporated will post 1.93 EPS for the current fiscal year.

Corning Dividend Announcement

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

Analyst Upgrades and Downgrades

GLW has been the subject of several analyst reports. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a research note on Tuesday, July 9th. Bank of America raised their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Citigroup raised their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Finally, JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning 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.