Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Corning Incorporated (NYSE:GLW – Free Report) by 3.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 133,439 shares of the electronics maker’s stock after purchasing an additional 4,392 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Corning were worth $4,676,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Corning by 0.7% during the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after acquiring an additional 671,480 shares during the last quarter. State Street Corp raised its holdings in shares of Corning by 2.2% during the first quarter. State Street Corp now owns 31,601,045 shares of the electronics maker’s stock valued at $1,114,880,000 after acquiring an additional 686,278 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Corning by 4.9% during the first quarter. Ameriprise Financial Inc. now owns 15,953,780 shares of the electronics maker’s stock valued at $563,232,000 after acquiring an additional 741,788 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Corning by 2.2% during the first quarter. Geode Capital Management LLC now owns 15,838,529 shares of the electronics maker’s stock valued at $557,680,000 after acquiring an additional 336,351 shares during the last quarter. Finally, Morgan Stanley increased its holdings in shares of Corning by 26.5% in the fourth quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock valued at $438,666,000 after purchasing an additional 2,875,197 shares during the last quarter. Institutional investors and hedge funds own 67.74% of the company’s stock.
Corning Stock Up 1.7 %
Corning stock opened at $28.95 on Thursday. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $37.10. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.70 and a quick ratio of 1.08. The stock has a market cap of $24.70 billion, a PE ratio of 42.57, a P/E/G ratio of 10.32 and a beta of 1.07. The stock’s fifty day moving average is $29.06 and its two-hundred day moving average is $31.54.
Corning Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, November 17th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date is Thursday, November 16th. Corning’s dividend payout ratio is presently 164.71%.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on the company. TheStreet lowered Corning from a “b-” rating to a “c+” rating in a research report on Thursday, October 12th. JPMorgan Chase & Co. lowered their price objective on Corning from $36.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, October 25th. Deutsche Bank Aktiengesellschaft lowered Corning from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $37.00 to $30.00 in a research report on Wednesday, October 25th. StockNews.com initiated coverage on Corning in a research report on Thursday, October 5th. They set a “hold” rating for the company. Finally, Oppenheimer lowered their price target on Corning from $42.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, October 25th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.89.
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.
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