Greenleaf Trust Increases Stake in Corning Incorporated (NYSE:GLW)

Posted by on Apr 8th, 2023

Greenleaf Trust boosted its stake in Corning Incorporated (NYSE:GLW – Get Rating) by 16.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,581 shares of the electronics maker’s stock after purchasing an additional 1,954 shares during the period. Greenleaf Trust’s holdings in Corning were worth $434,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its stake in Corning by 37.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 20,008,558 shares of the electronics maker’s stock worth $630,470,000 after purchasing an additional 5,451,525 shares during the period. BlackRock Inc. lifted its holdings in shares of Corning by 3.3% during the third quarter. BlackRock Inc. now owns 55,945,292 shares of the electronics maker’s stock valued at $1,623,533,000 after purchasing an additional 1,796,774 shares in the last quarter. Prudential Financial Inc. increased its position in Corning by 197.7% during the first quarter. Prudential Financial Inc. now owns 2,033,754 shares of the electronics maker’s stock valued at $75,066,000 after acquiring an additional 1,350,499 shares during the last quarter. Vanguard Group Inc. increased its position in Corning by 1.1% during the third quarter. Vanguard Group Inc. now owns 95,986,278 shares of the electronics maker’s stock valued at $2,785,521,000 after acquiring an additional 1,002,544 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in Corning by 254.6% in the third quarter. Victory Capital Management Inc. now owns 1,298,059 shares of the electronics maker’s stock worth $37,670,000 after buying an additional 932,034 shares in the last quarter. 67.79% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Down 0.5 %

Corning stock opened at $34.10 on Friday. Corning Incorporated has a twelve month low of $28.98 and a twelve month high of $37.73. The stock’s fifty day simple moving average is $34.46 and its 200-day simple moving average is $33.42. The company has a current ratio of 1.44, a quick ratio of 0.88 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $28.89 billion, a P/E ratio of 22.14, a P/E/G ratio of 2.30 and a beta of 1.07.

Corning (NYSE:GLW – Get Rating) last posted its earnings results on Tuesday, January 31st. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. The firm had revenue of $3.63 billion for the quarter, compared to analyst estimates of $3.54 billion. Corning had a return on equity of 14.82% and a net margin of 9.27%. Corning’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.54 earnings per share. As a group, equities analysts expect that Corning Incorporated will post 2.01 earnings per share for the current fiscal year.

Corning Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 30th. Shareholders of record on Tuesday, February 28th were issued a dividend of $0.28 per share. This is a positive change from Corning’s previous quarterly dividend of $0.27. The ex-dividend date was Monday, February 27th. This represents a $1.12 annualized dividend and a dividend yield of 3.28%. Corning’s dividend payout ratio (DPR) is presently 72.73%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Corning from $44.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, December 20th. Credit Suisse Group reduced their price objective on Corning from $41.00 to $40.00 and set an “outperform” rating on the stock in a report on Wednesday, February 1st. StockNews.com started coverage on Corning in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and raised their price objective for the stock from $35.00 to $38.00 in a research report on Monday, March 27th. Finally, Susquehanna lifted their price target on Corning from $39.00 to $40.00 and gave the stock a “positive” rating in a research report on Thursday, February 2nd. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.11.

Insiders Place Their Bets

In other news, insider Li Fang sold 19,909 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Li Fang sold 19,909 shares of the stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $35.17, for a total transaction of $700,199.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Z. Zhang sold 4,655 shares of the business’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $36.00, for a total transaction of $167,580.00. Following the sale, the vice president now owns 5,744 shares in the company, valued at $206,784. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

About Corning

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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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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