New York State Common Retirement Fund lessened its holdings in Corning Incorporated (NYSE:GLW) by 14.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 793,700 shares of the electronics maker’s stock after selling 131,800 shares during the period. New York State Common Retirement Fund’s holdings in Corning were worth $34,534,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. increased its holdings in shares of Corning by 4.3% during the first quarter. BlackRock Inc. now owns 54,104,194 shares of the electronics maker’s stock worth $2,354,075,000 after buying an additional 2,216,672 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Corning by 0.7% during the fourth quarter. Janus Henderson Group PLC now owns 11,980,099 shares of the electronics maker’s stock worth $431,293,000 after buying an additional 78,417 shares in the last quarter. Morgan Stanley increased its holdings in shares of Corning by 8.3% during the fourth quarter. Morgan Stanley now owns 8,506,653 shares of the electronics maker’s stock worth $306,239,000 after buying an additional 650,774 shares in the last quarter. Norges Bank acquired a new stake in shares of Corning during the fourth quarter worth approximately $280,667,000. Finally, FIL Ltd increased its holdings in shares of Corning by 11.8% during the fourth quarter. FIL Ltd now owns 4,416,302 shares of the electronics maker’s stock worth $158,987,000 after buying an additional 464,616 shares in the last quarter. 67.23% of the stock is owned by institutional investors.
In other news, EVP Clark S. Kinlin sold 37,239 shares of Corning stock in a transaction on Monday, March 15th. The shares were sold at an average price of $41.41, for a total transaction of $1,542,066.99. Following the transaction, the executive vice president now directly owns 68,783 shares of the company’s stock, valued at $2,848,304.03. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Display Co. Ltd. Samsung sold 35,000,000 shares of Corning stock in a transaction on Thursday, April 8th. The stock was 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 $5,001,350,000. The disclosure for this sale can be found here. Over the last three months, insiders have bought 4,133 shares of company stock worth $179,905 and have sold 70,360,257 shares worth $3,060,336,575. Company insiders own 0.48% of the company’s stock.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 27th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. Corning had a net margin of 9.89% and a return on equity of 13.66%. The firm had revenue of $3.29 billion for the quarter, compared to analysts’ expectations of $3.11 billion. During the same period last year, the firm earned $0.20 earnings per share. The business’s revenue for the quarter was up 37.6% on a year-over-year basis. As a group, analysts forecast that Corning Incorporated will post 2.11 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 29th. Stockholders of record on Friday, May 28th will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, May 27th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.23%. Corning’s dividend payout ratio is 69.06%.
Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Corning from a “neutral” rating to an “overweight” rating and set a $55.00 price objective for the company in a report on Monday, April 19th. Morgan Stanley increased their price target on shares of Corning from $37.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 28th. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, April 20th. Finally, Argus increased their price target on shares of Corning from $42.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, April 7th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $42.80.
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 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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