HM Payson & Co. lessened its holdings in shares of Corning Incorporated (NYSE: GLW – Get Rating) by 29.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 3,319 shares of the electronics maker’s stock after selling 1,406 shares during the quarter. HM Payson & Co.’s holdings in Corning were worth $ 124,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also made changes to their positions in GLW. American Century Companies Inc. boosted its position in shares of Corning by 26.9% during the 4th quarter. American Century Companies Inc. now owns 5,456,844 shares of the electronics maker’s stock worth $ 203,158,000 after acquiring an additional 1,157,290 shares in the last quarter. Geode Capital Management LLC raised its stake in Corning by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock worth $ 531,311,000 after buying an additional 943,020 shares during the last quarter. Qube Research & Technologies Ltd raised its stake in Corning by 446.7% during the fourth quarter. Qube Research & Technologies Ltd now owns 960,041 shares of the electronics maker’s stock worth $ 35,742,000 after buying an additional 784,448 shares during the last quarter. TD Asset Management Inc. raised its stake in Corning by 71.8% during the fourth quarter. TD Asset Management Inc. now owns 1,573,634 shares of the electronics maker’s stock worth $ 58,586,000 after buying an additional 657,399 shares during the last quarter. Finally, Morgan Stanley raised its stake in Corning by 10.2% during the third quarter. Morgan Stanley now owns 6,711,476 shares of the electronics maker’s stock worth $ 244,901,000 after buying an additional 622,015 shares during the last quarter. Hedge funds and other institutional investors own 68.71% of the company stock.
In other news, VP Robert P. France sold 2,190 shares of the business’s stock in a transaction that occurred on Wednesday, April 20th. The shares were sold at an average price of $ 35.03, for a total value of $ 76,715.70. Following the sale, the vice president now owns 30,000 shares of the company stock, valued at $ 1,050,900. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Michael Alan Bell sold 12,529 shares of the business’s stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $ 36.24, for a total transaction of $ 454,050.96. The disclosure for this sale can be found here. Insiders own 0.36% of the company stock.
Corning stock opened at $ 33.28 on Monday. Corning Incorporated has a fifty-two week low of $ 32.24 and a fifty-two week high of $ 43.47. The stock has a market cap of $ 28.11 billion, a PE ratio of 26.62, a price-to-earnings-growth ratio of 2.27 and a beta of 0.92. The firm’s 50-day simple moving average is $ 35.03 and its 200 day simple moving average is $ 37.27. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.04 and a current ratio of 1.55.
Corning (NYSE: GLW – Get Rating) last announced 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. The business had revenue of $ 3.74 billion for the quarter, compared to analyst estimates of $ 3.55 billion. Corning had a net margin of 13.05% and a return on equity of 21.56%. The company revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $ 0.45 earnings per share. As a group, analysts predict that Corning Incorporated will post 2.36 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 29th. Shareholders of record on Tuesday, May 31st will be given a $ 0.27 dividend. This represents a $ 1.08 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Friday, May 27th. Corning’s dividend payout ratio is 86.40%.
A number of equities analysts recently weighed in on the stock. Morgan Stanley reissued a “hold” rating and set a $ 40.00 target price on shares of Corning in a research note on Thursday, April 14th. Barclays cut shares of Corning from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $ 53.00 to $ 38.00 in a report on Wednesday, May 11th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a report on Wednesday, June 8th. The Goldman Sachs Group restated a “buy” rating and issued a $ 50.00 price target on shares of Corning in a report on Friday, March 11th. Finally, Citigroup cut shares of Corning from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $ 46.00 to $ 37.00 in a report on Monday, May 23rd. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $ 45.20.
Corning 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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