New York State Common Retirement Fund Sells 47,626 Shares of Corning Incorporated (NYSE:GLW)

New York State Common Retirement Fund reduced its position in shares of Corning Incorporated (NYSE:GLW) by 6.5% in the 3rd quarter, Holdings Channel reports. The firm owned 690,491 shares of the electronics maker’s stock after selling 47,626 shares during the period. New York State Common Retirement Fund’s holdings in Corning were worth $31,176,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. West Oak Capital LLC raised its holdings in shares of Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after buying an additional 215 shares in the last quarter. Lake Street Advisors Group LLC grew its position in Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after acquiring an additional 232 shares during the last quarter. SteelPeak Wealth LLC grew its position in Corning by 3.3% in the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after acquiring an additional 239 shares during the last quarter. Grove Bank & Trust raised its stake in Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after acquiring an additional 250 shares in the last quarter. Finally, Brown Lisle Cummings Inc. lifted its holdings in shares of Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after acquiring an additional 250 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

Shares of NYSE GLW opened at $48.36 on Monday. The company has a market capitalization of $41.38 billion, a PE ratio of 284.47, a P/E/G ratio of 1.52 and a beta of 1.03. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $26.71 and a twelve month high of $51.03. The firm has a fifty day simple moving average of $44.52 and a 200 day simple moving average of $40.47.

Corning (NYSE:GLW) last announced its 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 return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the company earned $0.45 EPS. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, sell-side analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. Corning’s payout ratio is presently 658.82%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Thursday. Citigroup increased their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Corning presently 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.