Chartwell Investment Partners LLC bought a new position in Corning Incorporated (NYSE: GLW – Get Rating) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 32,299 shares of the electronics maker’s stock, valued at approximately $ 1,202,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of Corning by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock worth $ 531,311,000 after acquiring an additional 943,020 shares during the last quarter. Northern Trust Corp boosted its position in shares of Corning by 0.8% during the fourth quarter. Northern Trust Corp now owns 11,518,876 shares of the electronics maker’s stock valued at $ 428,847,000 after buying an additional 88,758 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Corning by 1.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,143,506 shares of the electronics maker’s stock valued at $ 340,404,000 after buying an additional 113,290 shares during the last quarter. Morgan Stanley boosted its position in shares of Corning by 10.2% during the third quarter. Morgan Stanley now owns 6,711,476 shares of the electronics maker’s stock valued at $ 244,901,000 after buying an additional 622,015 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Corning by 26.9% during the fourth quarter. American Century Companies Inc. now owns 5,456,844 shares of the electronics maker’s stock valued at $ 203,158,000 after buying an additional 1,157,290 shares during the last quarter. 68.71% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently commented on GLW. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research report on Wednesday, June 8th. Barclays cut Corning from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $ 53.00 to $ 38.00 in a research report on Wednesday, May 11th. Citigroup downgraded Corning from a “buy” rating to a “neutral” rating and lowered their target price for the company from $ 46.00 to $ 37.00 in a report on Monday, May 23rd. Morgan Stanley reissued a “hold” rating and issued a $ 40.00 target price on shares of Corning in a report on Thursday, April 14th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $ 50.00 target price on shares of Corning in a report on Friday, March 11th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $ 45.20.
In related news, VP Robert P. France sold 2,190 shares of Corning stock in a transaction that occurred on Wednesday, April 20th. The stock was sold at an average price of $ 35.03, for a total transaction of $ 76,715.70. Following the sale, the vice president now owns 30,000 shares of the company stock, valued at approximately $ 1,050,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Alan Bell sold 12,529 shares of Corning stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $ 36.24, for a total value of $ 454,050.96. The disclosure for this sale can be found here. 0.36% of the stock is owned by company insiders.
NYSE GLW opened at $ 31.94 on Tuesday. The stock’s 50-day moving average price is $ 34.94 and its 200-day moving average price is $ 37.23. The company has a quick ratio of 1.04, a current ratio of 1.55 and a debt-to-equity ratio of 0.54. Corning Incorporated has a 52 week low of $ 31.58 and a 52 week high of $ 43.47. The company has a market capitalization of $ 26.98 billion, a P / E ratio of 25.55, a price-to-earnings-growth ratio of 2.27 and a beta of 0.92.
Corning (NYSE: GLW – Get Rating) last posted its quarterly earnings data on Tuesday, April 26th. The electronics maker reported $ 0.54 EPS for the quarter, topping the consensus estimate of $ 0.50 by $ 0.04. Corning had a return on equity of 21.56% and a net margin of 13.05%. The firm had revenue of $ 3.74 billion for the quarter, compared to the consensus estimate of $ 3.55 billion. During the same quarter last year, the company earned $ 0.45 earnings per share. The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. Research analysts anticipate that Corning Incorporated will post 2.36 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 29th. Stockholders of record on Tuesday, May 31st will be paid a $ 0.27 dividend. This represents a $ 1.08 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend is Friday, May 27th. Corning’s dividend payout ratio (DPR) is currently 86.40%.
Corning Company Profile: (Get Rating)
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company 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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