Teacher Retirement System of Texas Buys 42,501 Shares of Corning Incorporated (NYSE:GLW)

Teacher Retirement System of Texas boosted its position in shares of Corning Incorporated (NYSE:GLW) by 780.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 47,949 shares of the electronics maker’s stock after acquiring an additional 42,501 shares during the period. Teacher Retirement System of Texas’ holdings in Corning were worth $2,279,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Quest Partners LLC bought a new position in Corning in the 3rd quarter worth $106,000. Great Valley Advisor Group Inc. lifted its position in shares of Corning by 101.5% in the third quarter. Great Valley Advisor Group Inc. now owns 11,581 shares of the electronics maker’s stock valued at $523,000 after acquiring an additional 5,835 shares in the last quarter. Swedbank AB boosted its stake in shares of Corning by 60.2% in the third quarter. Swedbank AB now owns 38,314 shares of the electronics maker’s stock worth $1,730,000 after acquiring an additional 14,403 shares during the period. Larson Financial Group LLC grew its position in shares of Corning by 905.5% during the third quarter. Larson Financial Group LLC now owns 7,280 shares of the electronics maker’s stock worth $329,000 after purchasing an additional 6,556 shares in the last quarter. Finally, Centaurus Financial Inc. bought a new stake in Corning during the 3rd quarter valued at approximately $514,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of NYSE:GLW opened at $47.07 on Thursday. 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 Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The company has a market capitalization of $40.32 billion, a price-to-earnings ratio of 81.15, a PEG ratio of 1.50 and a beta of 1.03. The firm’s 50-day moving average is $49.97 and its 200 day moving average is $47.88.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share 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%. Research analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Friday, February 28th. Corning’s dividend payout ratio is currently 193.10%.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of research analyst reports. Barclays cut their price objective 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. Bank of America boosted their price target on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and raised their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Citigroup boosted their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Finally, StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average target price of $54.31.

Insider Transactions at Corning

In other Corning news, 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 value of $1,557,600.00. Following the transaction, the chief operating officer now directly 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were 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. Company insiders own 0.40% of the company’s stock.

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.