California Public Employees Retirement System raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,563,051 shares of the electronics maker’s stock after buying an additional 38,759 shares during the period. California Public Employees Retirement System owned about 0.29% of Corning worth $81,992,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. MPS Loria Financial Planners LLC purchased a new stake in Corning during the second quarter valued at about $112,000. Benjamin F. Edwards & Company Inc. boosted its position in Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after buying an additional 2,650 shares during the period. Motco boosted its position in Corning by 150.4% during the fourth quarter. Motco now owns 3,538 shares of the electronics maker’s stock valued at $113,000 after buying an additional 2,125 shares during the period. Cable Hill Partners LLC boosted its position in Corning by 1,041.3% during the third quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock valued at $158,000 after buying an additional 4,811 shares during the period. Finally, Bank of Nova Scotia Trust Co. purchased a new stake in Corning during the third quarter valued at about $163,000. Institutional investors and hedge funds own 71.82% of the company’s stock.
In related news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $32.42, for a total value of $1,675,335.92. Following the completion of the transaction, the insider now directly owns 136,032 shares of the company’s stock, valued at $4,410,157.44. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John A. Canning, Jr. purchased 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was bought at an average cost of $29.60 per share, with a total value of $888,000.00. The disclosure for this purchase can be found here. 0.59% of the stock is owned by corporate insiders.
GLW has been the subject of several analyst reports. Oppenheimer restated a “hold” rating on shares of Corning in a research report on Wednesday, January 31st. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Guggenheim reaffirmed a “buy” rating on shares of Corning in a research note on Tuesday, January 30th. Zacks Investment Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Friday, December 22nd. Finally, Citigroup upped their price objective on shares of Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $31.47.
Shares of Corning Incorporated (NYSE:GLW) traded down $0.07 during trading hours on Friday, hitting $29.47. 9,300,424 shares of the stock traded hands, compared to its average volume of 8,050,000. Corning Incorporated has a 52-week low of $26.32 and a 52-week high of $35.10. The company has a market capitalization of $25,610.00, a P/E ratio of -43.34, a price-to-earnings-growth ratio of 4.41 and a beta of 1.34. The company has a current ratio of 2.75, a quick ratio of 2.22 and a debt-to-equity ratio of 0.35.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.02. Corning had a negative net margin of 4.91% and a positive return on equity of 11.62%. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same period in the prior year, the firm earned $0.50 earnings per share. Corning’s revenue was up 7.4% on a year-over-year basis. equities research analysts expect that Corning Incorporated will post 1.67 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Wednesday, February 28th will be paid a $0.18 dividend. This is an increase from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Tuesday, February 27th. Corning’s dividend payout ratio is presently -91.18%.
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Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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