Corning Incorporated (NYSE:GLW) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System trimmed its stake in Corning Incorporated (NYSE:GLW) by 4.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 41,400 shares of the electronics maker’s stock after selling 2,000 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Corning were worth $1,967,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Wellington Management Group LLP increased its stake in Corning by 0.3% in the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock worth $1,771,029,000 after purchasing an additional 133,214 shares in the last quarter. State Street Corp increased its position in shares of Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after acquiring an additional 1,242,718 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after acquiring an additional 38,168 shares during the period. FMR LLC lifted its position in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. Finally, Stifel Financial Corp boosted its stake in Corning by 1.9% in the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock worth $126,893,000 after purchasing an additional 52,667 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Insiders have sold a total of 46,085 shares of company stock valued at $2,345,436 over the last 90 days. 0.40% of the stock is currently owned by company insiders.

Corning Stock Up 0.9 %

GLW stock opened at $52.58 on Friday. The firm has a market cap of $45.02 billion, a PE ratio of 90.66, a PEG ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33. The company has a fifty day simple moving average of $49.46 and a 200 day simple moving average of $46.19. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.13%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Citigroup raised their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. HSBC upgraded Corning from a “hold” rating to a “buy” rating and upped their target price for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Barclays decreased their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. increased 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, October 30th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

About Corning

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.