North American Management Corp lifted its holdings in Corning Incorporated (NYSE:GLW) by 3.9% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 179,369 shares of the electronics maker’s stock after acquiring an additional 6,777 shares during the quarter. North American Management Corp’s holdings in Corning were worth $7,804,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in GLW. Hoover Financial Advisors Inc. bought a new stake in Corning in the fourth quarter worth $27,000. SOA Wealth Advisors LLC. bought a new stake in shares of Corning in the 4th quarter valued at about $25,000. Financial Avengers Inc. purchased a new stake in Corning during the 4th quarter valued at about $29,000. ELM Advisors LLC bought a new position in Corning during the 4th quarter worth approximately $30,000. Finally, Navis Wealth Advisors LLC bought a new stake in Corning in the fourth quarter valued at approximately $32,000. 74.33% of the stock is owned by institutional investors.
Several equities research analysts recently weighed in on GLW shares. Argus upped their price target on Corning from $42.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $31.00 to $44.00 in a research note on Thursday, January 14th. UBS Group initiated coverage on Corning in a report on Wednesday, January 6th. They issued a “buy” rating and a $43.00 price objective for the company. Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating and set a $46.00 price target on the stock. in a research note on Tuesday, March 30th. Finally, Oppenheimer upgraded 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. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $40.50.
Corning (NYSE:GLW) last released its earnings results on Wednesday, January 27th. The electronics maker reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.18 billion. Corning had a return on equity of 11.50% and a net margin of 2.71%. The business’s revenue was up 18.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.46 earnings per share. As a group, sell-side analysts predict that Corning Incorporated will post 1.36 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, March 30th. Shareholders of record on Friday, February 26th were paid a $0.24 dividend. This is an increase from Corning’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend was Thursday, February 25th. Corning’s dividend payout ratio is currently 54.55%.
In other Corning news, major shareholder Display Co. Ltd. Samsung sold 35,000,000 shares of the stock in a transaction dated Thursday, April 8th. The shares were sold at an average price of $43.49, for a total transaction of $1,522,150,000.00. Following the transaction, the insider now directly owns 115,000,000 shares in the company, valued at approximately $5,001,350,000. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 146,629 shares of the firm’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 ninety days, insiders have sold 70,316,816 shares of company stock worth $3,056,712,491. Corporate insiders own 0.47% of the company’s stock.
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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