Natixis Advisors L.P. lowered its holdings in shares of Corning Incorporated (NYSE:GLW – Free Report) by 4.9% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 99,962 shares of the electronics maker’s stock after selling 5,196 shares during the period. Natixis Advisors L.P.’s holdings in Corning were worth $3,527,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also modified their holdings of the business. Louisiana State Employees Retirement System boosted its position in Corning by 0.6% in the first quarter. Louisiana State Employees Retirement System now owns 49,500 shares of the electronics maker’s stock valued at $1,746,000 after buying an additional 300 shares in the last quarter. Main Street Financial Solutions LLC grew its position in Corning by 3.9% during the 4th quarter. Main Street Financial Solutions LLC now owns 7,979 shares of the electronics maker’s stock worth $255,000 after acquiring an additional 302 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its holdings in Corning by 35.3% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,176 shares of the electronics maker’s stock worth $41,000 after purchasing an additional 307 shares in the last quarter. City Holding Co. raised its position in Corning by 70.5% in the first quarter. City Holding Co. now owns 747 shares of the electronics maker’s stock valued at $26,000 after purchasing an additional 309 shares during the last quarter. Finally, Hartford Funds Management Co LLC boosted its stake in shares of Corning by 4.5% during the first quarter. Hartford Funds Management Co LLC now owns 7,586 shares of the electronics maker’s stock valued at $268,000 after purchasing an additional 326 shares in the last quarter. 67.74% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on GLW. Citigroup upgraded shares of Corning from a “neutral” rating to a “buy” rating and raised their price objective for the company from $36.00 to $40.00 in a report on Thursday, June 15th. Oppenheimer reissued an “outperform” rating and issued a $42.00 price objective on shares of Corning in a research note on Monday, July 31st. StockNews.com began coverage on Corning in a research report on Thursday, August 17th. They set a “hold” rating for the company. Morgan Stanley upgraded Corning from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $35.00 to $38.00 in a research report on Friday, June 9th. Finally, 888 reaffirmed an “upgrade” rating on shares of Corning in a research note on Friday, June 9th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.
Corning Stock Performance
NYSE GLW opened at $32.86 on Friday. Corning Incorporated has a 12-month low of $28.98 and a 12-month high of $37.10. The company has a market cap of $28.03 billion, a P/E ratio of 45.01, a PEG ratio of 2.91 and a beta of 1.05. The company has a fifty day simple moving average of $33.52 and a 200 day simple moving average of $33.36. The company has a current ratio of 1.65, a quick ratio of 1.03 and a debt-to-equity ratio of 0.64.
Corning (NYSE:GLW – Get Free Report) last announced its quarterly earnings results on Tuesday, July 25th. The electronics maker reported $0.45 earnings per share for the quarter, meeting the consensus estimate of $0.45. The business had revenue of $3.48 billion for the quarter, compared to analysts’ expectations of $3.48 billion. Corning had a net margin of 4.72% and a return on equity of 13.22%. The firm’s revenue for the quarter was down 7.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.57 EPS. Sell-side analysts predict that Corning Incorporated will post 1.85 earnings per share for the current fiscal year.
Corning Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.41%. The ex-dividend date is Wednesday, August 30th. Corning’s dividend payout ratio (DPR) is presently 153.42%.
Insiders Place Their Bets
In other news, VP Michael Alan Bell sold 35,045 shares of the stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $35.00, for a total value of $1,226,575.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Wendell P. Weeks sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $33.78, for a total value of $3,378,000.00. Following the transaction, the chief executive officer now owns 847,474 shares in the company, valued at approximately $28,627,671.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Alan Bell sold 35,045 shares of the stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $35.00, for a total value of $1,226,575.00. The disclosure for this sale can be found here. Insiders have sold 162,755 shares of company stock valued at $5,539,783 in the last three months. 0.40% of the stock is currently owned by insiders.
Corning Profile
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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