Transcend Capital Advisors LLC boosted its holdings in Corning Incorporated (NYSE:GLW – Get Rating) by 5.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,098 shares of the electronics maker’s stock after buying an additional 603 shares during the period. Transcend Capital Advisors LLC’s holdings in Corning were worth $354,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also bought and sold shares of the business. Standard Family Office LLC bought a new position in Corning in the 3rd quarter valued at $29,000. CI Investments Inc. boosted its holdings in Corning by 981.9% in the 3rd quarter. CI Investments Inc. now owns 1,017 shares of the electronics maker’s stock valued at $30,000 after purchasing an additional 923 shares during the period. Chilton Capital Management LLC bought a new position in Corning in the 2nd quarter valued at $32,000. Core Alternative Capital boosted its holdings in Corning by 488.3% in the 3rd quarter. Core Alternative Capital now owns 1,206 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 1,001 shares during the period. Finally, Kathleen S. Wright Associates Inc. bought a new position in Corning in the 3rd quarter valued at $35,000. 67.79% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts have commented on GLW shares. UBS Group raised their price target on shares of Corning from $37.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, January 11th. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $35.00 to $38.00 in a report on Monday. Credit Suisse Group dropped their price objective on shares of Corning from $41.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, February 1st. StockNews.com began coverage on shares of Corning in a report on Thursday, March 16th. They set a “hold” rating for the company. Finally, Morgan Stanley dropped their price objective on shares of Corning from $36.00 to $35.00 and set an “equal weight” rating for the company in a report on Tuesday, December 13th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $38.11.
Corning Price Performance
Corning (NYSE:GLW – Get Rating) last released its quarterly earnings data on Tuesday, January 31st. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. Corning had a net margin of 9.27% and a return on equity of 14.82%. The firm had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $3.54 billion. During the same quarter in the previous year, the company earned $0.54 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. Research analysts anticipate that Corning Incorporated will post 2.01 earnings per share for the current year.
Corning Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, March 30th. Investors of record on Tuesday, February 28th were given a dividend of $0.28 per share. The ex-dividend date was Monday, February 27th. This represents a $1.12 annualized dividend and a dividend yield of 3.22%. This is a boost from Corning’s previous quarterly dividend of $0.27. Corning’s payout ratio is currently 72.73%.
Insider Activity at Corning
In related news, VP John Z. Zhang sold 4,655 shares of the business’s stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $36.00, for a total transaction of $167,580.00. Following the transaction, the vice president now owns 5,744 shares in the company, valued at $206,784. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, VP John Z. Zhang sold 4,655 shares of the business’s stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $36.00, for a total transaction of $167,580.00. Following the transaction, the vice president now owns 5,744 shares in the company, valued at $206,784. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Li Fang sold 19,909 shares of the business’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $35.17, for a total transaction of $700,199.53. The disclosure for this sale can be found here. 0.36% of the stock is owned by corporate insiders.
About Corning
Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.
Featured Stories
- Get a free copy of the StockNews.com research report on Corning (GLW)
- The Squeeze Is On For EVGo, Rally To Follow
- Is The Bottom In For RH, Or Is This Just A Stopping Point?
- Dividend King H.B. Fuller Signals Slowing In 2023
- Is SoFi Technologies a Buy in the Midst of a Banking Crisis?
- 3 Companies That Just Started Paying Dividends
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW – Get Rating).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.
