Cwm LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW – Get Rating) by 15.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,020 shares of the electronics maker’s stock after selling 2,949 shares during the period. Cwm LLC’s holdings in Corning were worth $512,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its stake in Corning by 72.5% during the third quarter. Bank of Montreal Can now owns 1,133,923 shares of the electronics maker’s stock worth $33,810,000 after purchasing an additional 476,621 shares during the period. Ontario Teachers Pension Plan Board bought a new position in Corning during the third quarter worth about $241,000. KCM Investment Advisors LLC lifted its stake in Corning by 81.3% during the fourth quarter. KCM Investment Advisors LLC now owns 12,849 shares of the electronics maker’s stock worth $410,000 after purchasing an additional 5,760 shares during the period. Girard Partners LTD. raised its stake in shares of Corning by 12.6% in the third quarter. Girard Partners LTD. now owns 26,177 shares of the electronics maker’s stock valued at $759,000 after acquiring an additional 2,936 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Corning in the 3rd quarter worth approximately $76,000. Institutional investors own 67.79% of the company’s stock.
Corning Stock Down 1.1 %
Shares of Corning stock opened at $33.60 on Friday. The company has a quick ratio of 0.88, a current ratio of 1.44 and a debt-to-equity ratio of 0.54. Corning Incorporated has a 12 month low of $28.98 and a 12 month high of $37.73. The business has a fifty day simple moving average of $34.28 and a 200 day simple moving average of $33.74. The stock has a market cap of $28.47 billion, a PE ratio of 21.82, a price-to-earnings-growth ratio of 2.29 and a beta of 1.07.
Corning Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 30th. Shareholders of record on Tuesday, February 28th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.33%. This is a boost from Corning’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Monday, February 27th. Corning’s payout ratio is presently 72.73%.
Insider Buying and Selling at Corning
In other Corning news, VP John Z. Zhang sold 4,655 shares of the business’s stock in a transaction dated 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 directly owns 5,744 shares of the company’s stock, valued at $206,784. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Li Fang sold 19,909 shares of the firm’s stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 completion of the sale, the vice president now directly owns 5,744 shares in the company, valued at approximately $206,784. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.
Analyst Ratings Changes
A number of research firms recently weighed in on GLW. Susquehanna raised their price target on Corning from $39.00 to $40.00 and gave the company a “positive” rating in a report on Thursday, February 2nd. StockNews.com assumed coverage on shares of Corning in a research report on Thursday, March 16th. They set a “hold” rating on the stock. JPMorgan Chase & Co. raised their price objective on shares of Corning from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday. UBS Group upped their target price on shares of Corning from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, January 11th. Finally, 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 research report on Wednesday, February 1st. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average price target of $38.33.
Corning Company Profile
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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