Glenmede Trust Co. NA decreased its position in Corning Incorporated (NYSE:GLW) by 8.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 570,783 shares of the electronics maker’s stock after selling 51,122 shares during the quarter. Glenmede Trust Co. NA owned 0.07% of Corning worth $18,258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in the stock. Jennison Associates LLC lifted its position in Corning by 24.8% in the 4th quarter. Jennison Associates LLC now owns 11,491,434 shares of the electronics maker’s stock worth $367,611,000 after buying an additional 2,284,899 shares during the last quarter. Lyrical Asset Management LP lifted its position in Corning by 2.5% in the 4th quarter. Lyrical Asset Management LP now owns 10,718,170 shares of the electronics maker’s stock worth $342,874,000 after buying an additional 258,334 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Corning by 0.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after buying an additional 56,973 shares during the last quarter. Janus Henderson Group PLC lifted its position 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 buying an additional 999,912 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Corning by 2.4% in the 3rd quarter. Legal & General Group Plc now owns 5,186,504 shares of the electronics maker’s stock worth $155,178,000 after buying an additional 122,536 shares during the last quarter. Institutional investors own 72.83% of the company’s stock.
GLW stock opened at $29.26 on Wednesday. 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 12 month low of $26.32 and a 12 month high of $35.10. The stock has a market capitalization of $24,771.82, a P/E ratio of 16.70, a PEG ratio of 4.32 and a beta of 1.35.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.02. Corning had a positive return on equity of 11.63% and a negative net margin of 4.91%. The firm had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same period in the previous year, the firm earned $0.50 earnings per share. The business’s revenue was up 7.4% compared to the same quarter last year. sell-side analysts anticipate that Corning Incorporated will post 1.67 EPS for the current fiscal 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. The ex-dividend date of this dividend is Tuesday, February 27th. 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 2.46%. Corning’s payout ratio is -92.31%.
In other news, VP Christine M. Pambianchi sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $29.90, for a total transaction of $29,900.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 136,032 shares in the company, valued at $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by insiders.
A number of analysts recently weighed in on the company. Guggenheim restated a “buy” rating and issued a $35.00 target price on shares of Corning in a research report on Tuesday, December 12th. Citigroup decreased their price target on Corning from $35.00 to $32.00 and set a “neutral” rating on the stock in a research note on Friday, March 9th. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. TheStreet cut Corning from a “b-” rating to a “c+” rating in a research note on Wednesday, February 28th. Finally, Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a research note on Tuesday, December 19th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $31.22.
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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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