Corning Incorporated (NYSE:GLW) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 2.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 255,959 shares of the electronics maker’s stock after selling 6,700 shares during the period. State of Michigan Retirement System’s holdings in Corning were worth $12,163,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of GLW. Sound Income Strategies LLC lifted its holdings in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC acquired a new stake in shares of Corning during the 4th quarter valued at approximately $25,000. Asset Planning Inc bought a new position in Corning during the fourth quarter worth $29,000. Rosenberg Matthew Hamilton lifted its stake in Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the last quarter. Finally, JFS Wealth Advisors LLC boosted its holdings in Corning by 171.8% in the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock worth $38,000 after purchasing an additional 512 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

Shares of GLW opened at $47.12 on Thursday. Corning Incorporated has a one year low of $30.72 and a one year high of $55.33. The stock’s fifty day moving average is $50.15 and its 200-day moving average is $47.31. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The firm has a market capitalization of $40.36 billion, a price-to-earnings ratio of 81.23, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

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

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 2.38%. Corning’s payout ratio is 193.10%.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were 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 directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Morgan Stanley increased their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Citigroup lifted their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Barclays dropped their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Finally, HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Company 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.