Skba Capital Management LLC raised its position in Corning Incorporated (NYSE:GLW – Get Rating) by 12.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 212,395 shares of the electronics maker’s stock after acquiring an additional 24,300 shares during the quarter. Skba Capital Management LLC’s holdings in Corning were worth $7,907,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in GLW. Geode Capital Management LLC boosted its holdings in Corning by 1.9% in the third quarter. Geode Capital Management LLC now owns 13,362,389 shares of the electronics maker’s stock valued at $486,347,000 after purchasing an additional 252,210 shares in the last quarter. Northern Trust Corp grew its holdings in Corning by 0.8% during the fourth quarter. Northern Trust Corp now owns 11,518,876 shares of the electronics maker’s stock worth $428,847,000 after acquiring an additional 88,758 shares during the period. Dimensional Fund Advisors LP grew its holdings in Corning by 1.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,143,506 shares of the electronics maker’s stock valued at $340,404,000 after purchasing an additional 113,290 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Corning by 2.0% during the third quarter. Invesco Ltd. now owns 8,936,977 shares of the electronics maker’s stock valued at $326,111,000 after acquiring an additional 172,484 shares during the last quarter. Finally, Morgan Stanley lifted its position in Corning by 10.2% during the third quarter. Morgan Stanley now owns 6,711,476 shares of the electronics maker’s stock worth $244,901,000 after buying an additional 622,015 shares during the period. 68.71% of the stock is owned by institutional investors and hedge funds.
In other news, VP Robert P. France sold 2,190 shares of the firm’s stock in a transaction dated Wednesday, April 20th. The stock was sold at an average price of $35.03, for a total transaction of $76,715.70. Following the completion of the sale, the vice president now directly owns 30,000 shares of the company’s stock, valued at approximately $1,050,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Alan Bell sold 12,529 shares of the firm’s stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $36.24, for a total value of $454,050.96. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by insiders.
Corning (NYSE:GLW – Get Rating) last posted its quarterly earnings data on Tuesday, April 26th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.04. The firm had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 21.56% and a net margin of 13.05%. The firm’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. As a group, equities analysts predict that Corning Incorporated will post 2.36 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 29th. Stockholders of record on Tuesday, May 31st will be issued a $0.27 dividend. The ex-dividend date of this dividend is Friday, May 27th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.07%. Corning’s dividend payout ratio (DPR) is 86.40%.
GLW has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft lowered Corning from a “buy” rating to a “hold” rating and set a $41.00 price objective for the company. in a research report on Thursday, January 13th. Susquehanna upgraded Corning from a “neutral” rating to a “positive” rating and upped their price objective for the company from $38.00 to $50.00 in a research note on Friday, January 28th. Zacks Investment Research raised Corning from a “sell” rating to a “hold” rating and set a $45.00 price target on the stock in a research note on Monday, January 31st. The Goldman Sachs Group reiterated a “buy” rating and issued a $50.00 target price on shares of Corning in a research note on Friday, March 11th. Finally, JPMorgan Chase & Co. upped their target price on Corning from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, January 27th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $46.00.
Corning Profile (Get Rating)
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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