National Pension Service Sells 22,457 Shares of Corning Incorporated (NYSE:GLW)

National Pension Service reduced its position in shares of Corning Incorporated (NYSE:GLW – Get Rating) by 1.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,210,880 shares of the electronics maker’s stock after selling 22,457 shares during the quarter. National Pension Service’s holdings in Corning were worth $35,866,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of GLW. Price T Rowe Associates Inc. MD increased its stake in shares of Corning by 37.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 20,008,558 shares of the electronics maker’s stock valued at $630,470,000 after acquiring an additional 5,451,525 shares during the last quarter. BlackRock Inc. grew its position in shares of Corning by 3.3% in the 3rd quarter. BlackRock Inc. now owns 55,945,292 shares of the electronics maker’s stock valued at $1,623,533,000 after purchasing an additional 1,796,774 shares during the period. Prudential Financial Inc. grew its position in shares of Corning by 197.7% in the 1st quarter. Prudential Financial Inc. now owns 2,033,754 shares of the electronics maker’s stock valued at $75,066,000 after purchasing an additional 1,350,499 shares during the period. Vanguard Group Inc. grew its position in shares of Corning by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 95,986,278 shares of the electronics maker’s stock valued at $2,785,521,000 after purchasing an additional 1,002,544 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of Corning by 254.6% in the 3rd quarter. Victory Capital Management Inc. now owns 1,298,059 shares of the electronics maker’s stock valued at $37,670,000 after purchasing an additional 932,034 shares during the period. 67.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on GLW. UBS Group boosted their price objective on Corning from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, January 11th. StockNews.com assumed coverage on Corning in a research report on Thursday. They issued a “hold” rating for the company. Susquehanna upped their price target on Corning from $39.00 to $40.00 and gave the stock a “positive” rating in a research report on Thursday, February 2nd. Credit Suisse Group reduced their price target on Corning from $41.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, February 1st. Finally, JPMorgan Chase & Co. reduced their price target on Corning from $44.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, December 20th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Corning currently has an average rating of “Hold” and an average price target of $37.78.

Corning Stock Up 1.6 %

GLW stock opened at $33.33 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.44 and a quick ratio of 0.88. The stock has a market capitalization of $28.22 billion, a price-to-earnings ratio of 21.64, a PEG ratio of 2.27 and a beta of 1.07. The business’s fifty day moving average price is $35.15 and its two-hundred day moving average price is $33.37. Corning Incorporated has a fifty-two week low of $28.98 and a fifty-two week high of $38.71.

Corning (NYSE:GLW – Get Rating) last posted its quarterly earnings data on Tuesday, January 31st. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. The firm had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $3.54 billion. Corning had a return on equity of 14.82% and a net margin of 9.27%. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.54 EPS. On average, equities analysts anticipate that Corning Incorporated will post 1.96 earnings per share for the current year.

Corning Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Tuesday, February 28th will be issued a dividend of $0.28 per share. This is a positive change from Corning’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 3.36%. The ex-dividend date is Monday, February 27th. Corning’s dividend payout ratio is 72.73%.

Insider Transactions at Corning

In other news, insider Li Fang sold 19,909 shares of the stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total transaction of $700,199.53. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP John Z. Zhang sold 4,655 shares of the firm’s stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $36.00, for a total value of $167,580.00. Following the sale, the vice president now directly owns 5,744 shares of the company’s stock, valued at $206,784. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Li Fang sold 19,909 shares of the firm’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $35.17, for a total value of $700,199.53. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by insiders.

Corning Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.