Corning Incorporated (GLW) Stake Decreased by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 1.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,667,153 shares of the electronics maker’s stock after selling 30,257 shares during the period. New York State Teachers Retirement System owned 0.18% of Corning worth $49,881,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in GLW. Waldron LP lifted its holdings in shares of Corning by 72.6% during the 1st quarter. Waldron LP now owns 14,986 shares of the electronics maker’s stock worth $376,000 after acquiring an additional 6,303 shares during the period. Cornerstone Capital Management Holdings LLC. lifted its holdings in shares of Corning by 8.0% during the 1st quarter. Cornerstone Capital Management Holdings LLC. now owns 296,544 shares of the electronics maker’s stock worth $8,005,000 after acquiring an additional 22,086 shares during the period. Venturi Wealth Management LLC purchased a new position in shares of Corning during the 1st quarter worth about $6,072,000. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Corning by 17.6% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 20,719 shares of the electronics maker’s stock worth $559,000 after acquiring an additional 3,099 shares during the period. Finally, Comerica Securities Inc. lifted its holdings in shares of Corning by 379.4% during the 1st quarter. Comerica Securities Inc. now owns 153,884 shares of the electronics maker’s stock worth $4,155,000 after acquiring an additional 121,785 shares during the period. Institutional investors and hedge funds own 71.15% of the company’s stock.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same period in the previous year, the company earned $0.42 EPS. The company’s revenue for the quarter was up 4.0% on a year-over-year basis.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be issued a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 annualized dividend and a yield of 1.98%. Corning’s dividend payout ratio (DPR) is currently 26.38%.

GLW has been the topic of several recent analyst reports. Susquehanna Bancshares Inc reiterated a “positive” rating and set a $35.00 price objective on shares of Corning in a report on Thursday, August 24th. BidaskClub lowered shares of Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Drexel Hamilton reiterated a “sell” rating and set a $17.50 price objective on shares of Corning in a report on Wednesday, July 26th. Jefferies Group LLC reiterated a “hold” rating and set a $29.50 price objective on shares of Corning in a report on Friday, October 6th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $29.28.

In related news, Director Hansel E. Tookes II sold 6,513 shares of the business’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $31.60, for a total value of $205,810.80. Following the completion of the sale, the director now directly owns 88,946 shares in the company, valued at approximately $2,810,693.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Wendell P. Weeks sold 248,857 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the sale, the chief executive officer now owns 65,333 shares of the company’s stock, valued at $2,049,496.21. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 413,207 shares of company stock valued at $12,611,130. Corporate insiders own 0.59% of the company’s stock.

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About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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