Jacobs & Co. CA reduced its stake in Corning Incorporated (NYSE:GLW) by 0.6% during the first quarter, HoldingsChannel.com reports. The fund owned 202,493 shares of the electronics maker’s stock after selling 1,250 shares during the quarter. Jacobs & Co. CA’s holdings in Corning were worth $8,810,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in GLW. Norges Bank bought a new stake in Corning in the 4th quarter valued at $280,667,000. First Trust Advisors LP increased its holdings in Corning by 629.7% in the 4th quarter. First Trust Advisors LP now owns 2,480,472 shares of the electronics maker’s stock valued at $89,297,000 after acquiring an additional 2,140,539 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in Corning in the 4th quarter valued at $67,269,000. KBC Group NV increased its holdings in Corning by 331.3% in the 4th quarter. KBC Group NV now owns 1,464,415 shares of the electronics maker’s stock valued at $52,718,000 after acquiring an additional 1,124,877 shares during the last quarter. Finally, Bowen Hanes & Co. Inc. grew its stake in shares of Corning by 805.1% in the 4th quarter. Bowen Hanes & Co. Inc. now owns 1,194,259 shares of the electronics maker’s stock worth $42,993,000 after buying an additional 1,062,315 shares in the last quarter. Institutional investors own 74.33% of the company’s stock.
A number of equities analysts have commented on the stock. JPMorgan Chase & Co. cut shares of Corning from an “overweight” rating to a “neutral” rating and set a $39.00 price objective for the company. in a research note on Friday, December 11th. TheStreet raised shares of Corning from a “c+” rating to a “b-” rating in a research note on Friday, December 18th. Oppenheimer raised shares of Corning from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Thursday, January 28th. Argus lifted their price objective on shares of Corning from $42.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Barclays raised shares of Corning from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $31.00 to $44.00 in a research note on Thursday, January 14th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $40.50.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 27th. The electronics maker reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. Corning had a net margin of 2.71% and a return on equity of 11.50%. The firm had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.18 billion. During the same period in the previous year, the company earned $0.46 EPS. The firm’s revenue for the quarter was up 18.9% compared to the same quarter last year. On average, sell-side analysts expect that Corning Incorporated will post 1.36 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 30th. Shareholders of record on Friday, February 26th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.17%. This is a boost from Corning’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Thursday, February 25th. Corning’s payout ratio is 54.55%.
In other Corning news, EVP Lewis A. Steverson sold 8,150 shares of the business’s stock in a transaction dated Friday, February 19th. The shares were sold at an average price of $38.16, for a total value of $311,004.00. Also, CEO Wendell P. Weeks sold 146,629 shares of the business’s stock in a transaction dated Friday, February 19th. The shares were sold at an average price of $37.74, for a total transaction of $5,533,778.46. Over the last three months, insiders sold 316,816 shares of company stock valued at $12,412,491. 0.47% of the stock is owned by corporate insiders.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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