Beach Investment Counsel Inc. PA continued to hold its stake in Corning Incorporated (NYSE:GLW) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,700 shares of the electronics maker’s stock at the end of the first quarter. Beach Investment Counsel Inc. PA’s holdings in Corning were worth $235,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of GLW. Dodge & Cox acquired a new stake in Corning during the fourth quarter worth about $759,279,000. UBS Oconnor LLC increased its stake in Corning by 40.6% in the third quarter. UBS Oconnor LLC now owns 636,550 shares of the electronics maker’s stock worth $15,054,000 after buying an additional 183,720 shares in the last quarter. DnB Asset Management AS increased its stake in Corning by 10.6% in the first quarter. DnB Asset Management AS now owns 110,995 shares of the electronics maker’s stock worth $2,997,000 after buying an additional 10,600 shares in the last quarter. Tredje AP fonden increased its stake in shares of Corning by 11.1% in the fourth quarter. Tredje AP fonden now owns 460,847 shares of the electronics maker’s stock worth $11,185,000 after buying an additional 45,984 shares during the period. Finally, Swiss National Bank increased its stake in shares of Corning by 15.3% in the first quarter. Swiss National Bank now owns 3,370,512 shares of the electronics maker’s stock worth $91,004,000 after buying an additional 446,200 shares during the period. 73.62% of the stock is owned by hedge funds and other institutional investors.
Shares of Corning Incorporated (GLW) opened at 29.41 on Friday. The stock’s 50 day moving average is $29.19 and its 200 day moving average is $26.95. The firm has a market capitalization of $27.06 billion, a PE ratio of 7.80 and a beta of 1.37. Corning Incorporated has a 52-week low of $18.88 and a 52-week high of $29.90. Corning also saw unusually large options trading on Thursday. Stock investors purchased 20,779 call options on the company. This represents an increase of 404% compared to the average daily volume of 4,120 call options.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.37 billion. Corning had a return on equity of 11.25% and a net margin of 42.69%. Corning’s revenue was up 16.0% on a year-over-year basis. During the same period last year, the company earned $0.28 earnings per share. On average, equities research analysts forecast that Corning Incorporated will post $1.73 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Wednesday, May 31st will be given a dividend of $0.155 per share. The ex-dividend date of this dividend is Friday, May 26th. This represents a $0.62 annualized dividend and a dividend yield of 2.11%. Corning’s dividend payout ratio (DPR) is 16.89%.
GLW has been the subject of a number of recent analyst reports. Drexel Hamilton upped their price target on shares of Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a report on Wednesday, April 26th. Citigroup Inc. downgraded shares of Corning from a “buy” rating to a “neutral” rating and upped their price target for the stock from $28.00 to $29.00 in a report on Friday, March 31st. Deutsche Bank AG reissued a “buy” rating and issued a $33.00 price objective (up previously from $30.00) on shares of Corning in a research note on Saturday, April 29th. Jefferies Group LLC increased their price objective on shares of Corning from $24.50 to $27.50 and gave the company a “hold” rating in a research note on Friday, April 28th. Finally, Susquehanna Bancshares Inc reissued a “positive” rating and issued a $31.00 price objective (down previously from $32.00) on shares of Corning in a research note on Tuesday, March 21st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $27.13.
In other news, VP Edward A. Schlesinger sold 5,422 shares of Corning stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $29.15, for a total transaction of $158,051.30. Following the completion of the sale, the vice president now directly owns 33,083 shares in the company, valued at $964,369.45. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James P. Clappin sold 106,983 shares of Corning stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total value of $3,129,252.75. Following the sale, the insider now owns 91,552 shares of the company’s stock, valued at $2,677,896. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 457,433 shares of company stock valued at $13,393,083. Corporate insiders own 0.59% of the company’s stock.
Corning Company Profile
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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