Public Employees Retirement System of Ohio Sells 21,684 Shares of Corning Incorporated (NYSE:GLW)

Public Employees Retirement System of Ohio cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 7.2% during the 2nd quarter, Holdings Channel reports. The firm owned 279,953 shares of the electronics maker’s stock after selling 21,684 shares during the period. Public Employees Retirement System of Ohio’s holdings in Corning were worth $7,251,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in GLW. Wellington Management Group LLP increased its holdings in shares of Corning by 79.5% during the first quarter. Wellington Management Group LLP now owns 43,344,435 shares of the electronics maker’s stock worth $890,295,000 after purchasing an additional 19,190,516 shares during the period. Vanguard Group Inc. increased its holdings in shares of Corning by 17.3% during the second quarter. Vanguard Group Inc. now owns 75,624,176 shares of the electronics maker’s stock worth $1,958,666,000 after purchasing an additional 11,133,114 shares during the period. Invesco Ltd. increased its holdings in shares of Corning by 120.3% during the first quarter. Invesco Ltd. now owns 9,835,832 shares of the electronics maker’s stock worth $202,029,000 after purchasing an additional 5,370,587 shares during the period. FMR LLC increased its holdings in shares of Corning by 47.8% during the second quarter. FMR LLC now owns 5,872,584 shares of the electronics maker’s stock worth $152,099,000 after purchasing an additional 1,898,074 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Corning by 47.9% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,762,964 shares of the electronics maker’s stock worth $123,361,000 after purchasing an additional 1,543,345 shares during the period. 75.55% of the stock is currently owned by institutional investors.

Several research analysts have recently commented on GLW shares. Citigroup raised their target price on shares of Corning from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Argus increased their price target on shares of Corning from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, September 11th. JPMorgan Chase & Co. increased their price target on shares of Corning from $36.00 to $39.00 in a research report on Friday, September 11th. Morgan Stanley increased their price target on shares of Corning from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 10th. Finally, Oppenheimer initiated coverage on shares of Corning in a research report on Tuesday, July 28th. They set a “hold” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $32.00.

Shares of Corning stock opened at $33.08 on Wednesday. Corning Incorporated has a fifty-two week low of $17.44 and a fifty-two week high of $33.86. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.27 and a quick ratio of 1.53. The firm has a market capitalization of $25.00 billion, a P/E ratio of 328.23 and a beta of 1.14. The company’s 50 day moving average price is $32.08 and its two-hundred day moving average price is $25.56.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 28th. The electronics maker reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.13. Corning had a net margin of 1.89% and a return on equity of 11.59%. The firm had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same quarter last year, the business posted $0.45 earnings per share. The company’s quarterly revenue was down 11.6% on a year-over-year basis. On average, analysts expect that Corning Incorporated will post 1.23 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, August 28th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.66%. Corning’s dividend payout ratio (DPR) is presently 50.00%.

In other news, VP Martin J. Curran sold 41,484 shares of Corning stock in a transaction on Friday, September 11th. The shares were sold at an average price of $31.75, for a total transaction of $1,317,117.00. Following the transaction, the vice president now owns 21,346 shares in the company, valued at $677,735.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 28,994 shares of Corning stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $31.67, for a total transaction of $918,239.98. Following the transaction, the insider now owns 169,128 shares in the company, valued at approximately $5,356,283.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 228,246 shares of company stock worth $7,129,762. 0.47% of the stock is owned by company insiders.

Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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