WBI Investments Inc. purchased a new stake in Corning Incorporated (NYSE:GLW) during the first quarter, according to its most recent 13F filing with the SEC. The firm purchased 94,626 shares of the electronics maker’s stock, valued at approximately $2,555,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Dodge & Cox acquired a new position in Corning during the fourth quarter valued at about $759,279,000. Norges Bank purchased a new position in Corning during the fourth quarter valued at $265,739,000. AQR Capital Management LLC boosted its position in Corning by 71.7% in the fourth quarter. AQR Capital Management LLC now owns 3,970,046 shares of the electronics maker’s stock valued at $96,353,000 after buying an additional 1,658,207 shares during the last quarter. Janus Capital Management LLC boosted its position in Corning by 136.5% in the fourth quarter. Janus Capital Management LLC now owns 3,530,608 shares of the electronics maker’s stock valued at $85,688,000 after buying an additional 2,037,961 shares during the last quarter. Finally, Guggenheim Capital LLC boosted its position in Corning by 43.0% in the fourth quarter. Guggenheim Capital LLC now owns 3,484,076 shares of the electronics maker’s stock valued at $84,558,000 after buying an additional 1,047,336 shares during the last quarter. Hedge funds and other institutional investors own 72.66% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) traded down 0.81% during midday trading on Friday, hitting $29.25. 9,132,054 shares of the stock traded hands. The stock has a market capitalization of $26.42 billion, a P/E ratio of 13.06 and a beta of 1.41. Corning Incorporated has a 52 week low of $22.07 and a 52 week high of $32.17. The firm has a 50-day moving average price of $30.32 and a 200-day moving average price of $28.22.
Corning (NYSE:GLW) last released its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.02. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. Corning’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.37 EPS. On average, equities analysts predict that Corning Incorporated will post $1.71 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a yield of 2.12%. Corning’s dividend payout ratio (DPR) is presently 27.93%.
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GLW has been the subject of a number of research reports. Drexel Hamilton lifted their target price on shares of Corning from $14.50 to $17.50 and gave the company a “sell” rating in a research note on Wednesday, April 26th. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective for the company in a research note on Monday, July 10th. Citigroup Inc. lowered shares of Corning from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $28.00 to $29.00 in a research note on Friday, March 31st. Deutsche Bank AG reaffirmed a “buy” rating and issued a $33.00 price objective (up previously from $30.00) on shares of Corning in a research note on Saturday, April 29th. Finally, Jefferies Group LLC boosted their target price on shares of Corning from $24.50 to $27.50 and gave the stock a “hold” rating in a research report on Friday, April 28th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, five 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 target price of $27.81.
In other Corning news, CEO Wendell P. Weeks sold 153,500 shares of the business’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the completion of the sale, the chief executive officer now owns 76,750 shares in the company, valued at approximately $2,270,265. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Clark S. Kinlin sold 40,717 shares of the business’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the sale, the insider now owns 72,707 shares of the company’s stock, valued at approximately $2,153,581.34. The disclosure for this sale can be found here. Insiders have sold a total of 416,358 shares of company stock valued at $12,224,089 in the last 90 days. 0.59% of the stock is currently owned by company insiders.
Corning Company Profile
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).
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