Raymond James & Associates grew its position in Corning Incorporated (NYSE:GLW – Get Rating) by 0.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,969,058 shares of the electronics maker’s stock after acquiring an additional 10,428 shares during the period. Raymond James & Associates owned about 0.23% of Corning worth $69,468,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of GLW. CI Investments Inc. boosted its holdings in shares of Corning by 981.9% during the 3rd quarter. CI Investments Inc. now owns 1,017 shares of the electronics maker’s stock worth $30,000 after buying an additional 923 shares during the period. Arcus Capital Partners LLC bought a new stake in shares of Corning during the 4th quarter worth about $32,000. Pinnacle Bancorp Inc. bought a new stake in shares of Corning during the 1st quarter worth about $32,000. GoalVest Advisory LLC bought a new stake in shares of Corning during the 1st quarter worth about $34,000. Finally, Accurate Wealth Management LLC bought a new stake in shares of Corning during the 4th quarter worth about $39,000. Institutional investors own 68.38% of the company’s stock.
Insider Activity
In related news, SVP Anne Mullins sold 49,882 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $31.34, for a total transaction of $1,563,301.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Anne Mullins sold 49,882 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $31.34, for a total transaction of $1,563,301.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Cheryl C. Capps sold 28,574 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $33.14, for a total transaction of $946,942.36. Following the transaction, the senior vice president now owns 100,000 shares of the company’s stock, valued at $3,314,000. The disclosure for this sale can be found here. In the last ninety days, insiders sold 161,334 shares of company stock worth $5,294,350. 0.40% of the stock is currently owned by corporate insiders.
Corning Price Performance
Corning (NYSE:GLW – Get Rating) last issued its earnings results on Tuesday, April 25th. The electronics maker reported $0.41 EPS for the quarter, beating the consensus estimate of $0.39 by $0.02. The company had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $3.35 billion. Corning had a net margin of 6.66% and a return on equity of 13.99%. The business’s revenue for the quarter was down 10.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.54 EPS. On average, equities research analysts predict that Corning Incorporated will post 1.94 EPS for the current fiscal year.
Corning Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Thursday, August 31st will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Wednesday, August 30th. Corning’s payout ratio is presently 105.66%.
Wall Street Analysts Forecast Growth
Several analysts recently commented on GLW shares. JPMorgan Chase & Co. lifted their target price on shares of Corning from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, April 19th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Corning from $38.00 to $37.00 in a report on Wednesday, April 26th. Barclays dropped their price objective on shares of Corning from $35.00 to $33.00 in a research note on Wednesday, April 26th. UBS Group dropped their price objective on shares of Corning from $40.00 to $39.00 in a research note on Wednesday, April 26th. Finally, Morgan Stanley upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $35.00 to $38.00 in a research note on Friday, June 9th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $38.67.
About Corning
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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