Tredje AP fonden decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 44.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 56,948 shares of the electronics maker’s stock after selling 45,138 shares during the quarter. Tredje AP fonden’s holdings in Corning were worth $2,284,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. TRUE Private Wealth Advisors purchased a new stake in Corning in the 4th quarter valued at $25,000. NWK Group Inc. acquired a new position in Corning in the 4th quarter valued at about $29,000. Robecosam AG grew its stake in shares of Corning by 6.3% in the 4th quarter. Robecosam AG now owns 850,000 shares of the electronics maker’s stock valued at $29,000 after buying an additional 50,000 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA increased its holdings in shares of Corning by 700.0% during the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,400 shares of the electronics maker’s stock worth $29,000 after buying an additional 1,225 shares during the last quarter. Finally, Whitnell & Co. increased its holdings in shares of Corning by 42.7% during the 4th quarter. Whitnell & Co. now owns 1,427 shares of the electronics maker’s stock worth $42,000 after buying an additional 427 shares during the last quarter. 72.90% of the stock is currently owned by institutional investors.
NYSE:GLW traded up $0.06 on Friday, reaching $21.38. 3,871,905 shares of the company’s stock were exchanged, compared to its average volume of 4,736,629. The company has a quick ratio of 1.44, a current ratio of 2.18 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $16.22 billion, a price-to-earnings ratio of 66.81, a price-to-earnings-growth ratio of 11.13 and a beta of 1.09. The business has a fifty day moving average of $20.49 and a 200-day moving average of $25.66. Corning Incorporated has a 52-week low of $17.44 and a 52-week high of $34.26.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.03. Corning had a net margin of 3.29% and a return on equity of 13.01%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same quarter last year, the firm posted $0.40 earnings per share. The business’s revenue for the quarter was down 15.0% compared to the same quarter last year. As a group, equities analysts anticipate that Corning Incorporated will post 1.03 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th will be given a $0.22 dividend. The ex-dividend date is Thursday, May 28th. This represents a $0.88 annualized dividend and a yield of 4.12%. Corning’s dividend payout ratio is presently 50.00%.
GLW has been the subject of several analyst reports. Barclays lowered Corning from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $26.00 to $22.00 in a research report on Wednesday, April 29th. Oppenheimer reiterated a “hold” rating on shares of Corning in a report on Tuesday, April 28th. ValuEngine downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, March 3rd. Susquehanna Bancshares reaffirmed a “hold” rating and issued a $22.00 target price on shares of Corning in a research report on Tuesday, April 28th. Finally, Morgan Stanley lowered their target price on shares of Corning from $26.00 to $24.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 7th. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $30.00.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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