State of Wisconsin Investment Board boosted its stake in Corning Incorporated (NYSE:GLW) by 14.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,076,076 shares of the electronics maker’s stock after acquiring an additional 136,107 shares during the quarter. State of Wisconsin Investment Board’s holdings in Corning were worth $34,424,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. Jennison Associates LLC purchased a new position in Corning in the 3rd quarter worth approximately $275,460,000. Janus Henderson Group PLC boosted its holdings in Corning by 17.0% in the 3rd quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after acquiring an additional 999,912 shares during the period. Neuberger Berman Group LLC boosted its holdings in Corning by 24.9% in the 3rd quarter. Neuberger Berman Group LLC now owns 3,044,997 shares of the electronics maker’s stock worth $91,106,000 after acquiring an additional 606,637 shares during the period. Inverness Counsel LLC NY boosted its holdings in Corning by 149.4% in the 4th quarter. Inverness Counsel LLC NY now owns 968,235 shares of the electronics maker’s stock worth $30,974,000 after acquiring an additional 580,000 shares during the period. Finally, First Trust Advisors LP boosted its holdings in Corning by 21.7% in the 4th quarter. First Trust Advisors LP now owns 2,295,787 shares of the electronics maker’s stock worth $73,442,000 after acquiring an additional 409,354 shares during the period. Hedge funds and other institutional investors own 71.82% of the company’s stock.
In related news, Director Deborah Rieman sold 2,083 shares of the firm’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total transaction of $66,989.28. Following the transaction, the director now directly owns 102,896 shares in the company, valued at $3,309,135.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the firm’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total value of $1,675,335.92. Following the transaction, the insider now owns 136,032 shares in the company, valued at $4,410,157.44. The disclosure for this sale can be found here. Company insiders own 0.59% of the company’s stock.
A number of research firms have weighed in on GLW. Guggenheim restated a “buy” rating and issued a $35.00 price target on shares of Corning in a report on Tuesday, December 12th. Citigroup upped their price target on Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Deutsche Bank upped their price target on Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Finally, Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research note on Tuesday, December 19th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Corning has an average rating of “Hold” and an average target price of $31.47.
Corning Incorporated (GLW) opened at $29.47 on Friday. The company has a market capitalization of $25,269.14, a P/E ratio of 17.03, a PEG ratio of 4.41 and a beta of 1.34. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.22 and a current ratio of 2.75. Corning Incorporated has a one year low of $26.32 and a one year high of $35.10.
Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Corning had a positive return on equity of 11.62% and a negative net margin of 4.91%. The business’s revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.50 EPS. sell-side analysts anticipate that Corning Incorporated will post 1.67 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be paid a dividend of $0.18 per share. This is a boost from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 2.44%. The ex-dividend date is Tuesday, February 27th. Corning’s dividend payout ratio is -79.49%.
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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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