Vident Investment Advisory LLC lifted its position in shares of Corning Incorporated (NYSE:GLW) by 5.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 90,381 shares of the electronics maker’s stock after acquiring an additional 5,071 shares during the period. Vident Investment Advisory LLC’s holdings in Corning were worth $2,891,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in GLW. Raymond James Financial Services Advisors Inc. grew its position in shares of Corning by 6.9% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 183,622 shares of the electronics maker’s stock worth $5,494,000 after acquiring an additional 11,848 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Corning by 398.5% during the third quarter. Victory Capital Management Inc. now owns 79,072 shares of the electronics maker’s stock worth $2,366,000 after acquiring an additional 63,211 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of Corning by 4.3% during the third quarter. New York State Common Retirement Fund now owns 2,517,525 shares of the electronics maker’s stock worth $75,324,000 after acquiring an additional 102,925 shares during the last quarter. Stratos Wealth Partners LTD. bought a new position in shares of Corning during the third quarter worth about $229,000. Finally, Quantbot Technologies LP bought a new position in shares of Corning during the third quarter worth about $732,000. Institutional investors and hedge funds own 72.83% of the company’s stock.
Several equities research analysts recently weighed in on the stock. Citigroup reduced their price objective on shares of Corning from $35.00 to $32.00 and set a “neutral” rating for the company in a report on Friday, March 9th. TheStreet downgraded shares of Corning from a “b-” rating to a “c+” rating in a report on Wednesday, February 28th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Barclays set a $38.00 price objective on shares of Corning and gave the stock a “buy” rating in a report on Wednesday, January 10th. Finally, Oppenheimer reaffirmed a “hold” rating on shares of Corning in a report on Wednesday, January 31st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $31.22.
In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the company’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $29.90, for a total transaction of $29,900.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the company’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the sale, the insider now directly owns 136,032 shares of the company’s stock, valued at $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by corporate insiders.
Shares of Corning stock opened at $29.50 on Monday. Corning Incorporated has a 1-year low of $26.32 and a 1-year high of $35.10. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.75 and a quick ratio of 2.22. The firm has a market cap of $25,294.87, a PE ratio of 17.05, a price-to-earnings-growth ratio of 4.41 and a beta of 1.35.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, beating 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 11.63%. 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 company earned $0.50 EPS. Corning’s revenue was up 7.4% on a year-over-year basis. equities research analysts anticipate that Corning Incorporated will post 1.67 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.44%. This is an increase from Corning’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Tuesday, February 27th. Corning’s dividend payout ratio is presently -92.31%.
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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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