WFA of San Diego LLC bought a new stake in Corning Incorporated (NYSE:GLW – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,281 shares of the electronics maker’s stock, valued at approximately $45,000.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Corning by 0.7% in the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after acquiring an additional 671,480 shares in the last quarter. State Street Corp boosted its holdings in shares of Corning by 2.2% in the first quarter. State Street Corp now owns 31,601,045 shares of the electronics maker’s stock valued at $1,114,880,000 after acquiring an additional 686,278 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Corning by 4.9% in the first quarter. Ameriprise Financial Inc. now owns 15,953,780 shares of the electronics maker’s stock valued at $563,232,000 after acquiring an additional 741,788 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Corning by 2.2% in the first quarter. Geode Capital Management LLC now owns 15,838,529 shares of the electronics maker’s stock valued at $557,680,000 after acquiring an additional 336,351 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in Corning by 26.5% during the fourth quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock worth $438,666,000 after buying an additional 2,875,197 shares in the last quarter. Hedge funds and other institutional investors own 67.74% of the company’s stock.
Analyst Ratings Changes
GLW has been the topic of a number of research analyst reports. TheStreet downgraded shares of Corning from a “b-” rating to a “c+” rating in a report on Thursday, October 12th. Citigroup decreased their price objective on shares of Corning from $39.00 to $36.00 and set a “buy” rating on the stock in a report on Wednesday, October 25th. Barclays cut their target price on shares of Corning from $33.00 to $28.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 25th. StockNews.com began coverage on shares of Corning in a research report on Thursday, October 5th. They set a “hold” rating for the company. Finally, Oppenheimer cut their target price on shares of Corning from $42.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, October 25th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $34.89.
Corning Stock Performance
NYSE:GLW opened at $28.29 on Tuesday. The firm has a 50 day simple moving average of $28.88 and a 200-day simple moving average of $31.46. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.70 and a quick ratio of 1.08. The firm has a market cap of $24.14 billion, a PE ratio of 41.60, a P/E/G ratio of 10.57 and a beta of 1.07. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $37.10.
Corning (NYSE:GLW – Get Free Report) last posted its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). Corning had a net margin of 4.50% and a return on equity of 12.73%. The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.51 billion. During the same period in the prior year, the firm earned $0.51 EPS. The business’s quarterly revenue was down 9.0% on a year-over-year basis. On average, equities analysts expect that Corning Incorporated will post 1.71 EPS for the current year.
Corning Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, November 17th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $1.12 dividend on an annualized basis and a yield of 3.96%. Corning’s payout ratio is 164.71%.
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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