Zurcher Kantonalbank Zurich Cantonalbank Decreases Stock Holdings in Corning Incorporated (NYSE:GLW)

Posted by on Apr 22nd, 2023

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Corning Incorporated (NYSE:GLW – Get Rating) by 17.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 114,739 shares of the electronics maker’s stock after selling 23,458 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Corning were worth $3,665,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Cowen Prime Advisors LLC grew its stake in shares of Corning by 177.8% during the 4th quarter. Cowen Prime Advisors LLC now owns 3,750 shares of the electronics maker’s stock worth $120,000 after purchasing an additional 2,400 shares during the period. Garrison Point Advisors LLC boosted its stake in Corning by 3.2% during the 4th quarter. Garrison Point Advisors LLC now owns 9,535 shares of the electronics maker’s stock worth $305,000 after purchasing an additional 300 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Corning during the 4th quarter worth $220,000. Townsend Asset Management Corp NC ADV boosted its position in shares of Corning by 13.1% during the 4th quarter. Townsend Asset Management Corp NC ADV now owns 8,465 shares of the electronics maker’s stock valued at $270,000 after acquiring an additional 981 shares during the last quarter. Finally, Cornell Pochily Investment Advisors Inc. boosted its position in shares of Corning by 10.6% during the 4th quarter. Cornell Pochily Investment Advisors Inc. now owns 15,986 shares of the electronics maker’s stock valued at $511,000 after acquiring an additional 1,526 shares during the last quarter. 67.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of research firms have commented on GLW. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and upped their target price for the company from $35.00 to $38.00 in a research report on Monday, March 27th. Susquehanna upped their target price on shares of Corning from $39.00 to $40.00 and gave the stock a “positive” rating in a research note on Thursday, February 2nd. StockNews.com initiated coverage on Corning in a report on Thursday, March 16th. They issued a “hold” rating for the company. UBS Group upped their price target on Corning from $37.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, January 11th. Finally, Credit Suisse Group decreased their price objective on Corning from $41.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, February 1st. Five 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.33.

Corning Price Performance

Shares of NYSE GLW opened at $33.60 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.44 and a quick ratio of 0.88. The stock has a fifty day moving average price of $34.28 and a 200 day moving average price of $33.73. Corning Incorporated has a 1-year low of $28.98 and a 1-year high of $37.73. The company has a market cap of $28.47 billion, a PE ratio of 21.82, a P/E/G ratio of 2.29 and a beta of 1.07.

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, topping the consensus estimate of $0.44 by $0.03. The firm had revenue of $3.63 billion during the quarter, compared to analysts’ expectations of $3.54 billion. Corning had a return on equity of 14.82% and a net margin of 9.27%. Corning’s revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.54 earnings per share. Sell-side analysts forecast that Corning Incorporated will post 2 EPS for the current year.

Corning Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 30th. Shareholders of record on Tuesday, February 28th were given a $0.28 dividend. This is a boost 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 yield of 3.33%. Corning’s dividend payout ratio is presently 72.73%.

Corning Company Profile

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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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