Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Corning Incorporated (NYSE:GLW – Free Report) by 1.9% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 71,084 shares of the electronics maker’s stock after acquiring an additional 1,356 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Corning were worth $2,165,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of GLW. Ameriprise Financial Inc. raised its position in shares of Corning by 15.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after purchasing an additional 2,301,745 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Corning by 7.7% in the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after purchasing an additional 2,055,388 shares in the last quarter. Federated Hermes Inc. raised its position in shares of Corning by 1,329.2% in the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after purchasing an additional 1,229,031 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Corning by 302.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock valued at $45,564,000 after purchasing an additional 1,124,787 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of Corning by 5.1% in the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after purchasing an additional 1,060,450 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Corning
In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.40% of the company’s stock.
Analysts Set New Price Targets
Get Our Latest Stock Report on Corning
Corning Price Performance
Shares of GLW opened at $31.52 on Thursday. The company has a market cap of $26.96 billion, a P/E ratio of 47.04, a PEG ratio of 1.75 and a beta of 1.08. The stock has a fifty day moving average price of $32.30 and a 200 day moving average price of $30.43. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01.
Corning (NYSE:GLW – Get Free Report) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm’s revenue was down 12.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.47 EPS. On average, research analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current year.
Corning Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.55%. Corning’s payout ratio is currently 167.16%.
Corning Profile
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
Featured Stories
- Five stocks we like better than Corning
- Low PE Growth Stocks: Unlocking Investment Opportunities
- High-Yield Texas Instruments Could Hit New Highs Soon
- 3 Grocery Stocks That Can Help Take a Bite Out of Inflation
- Pagaya Technologies: An AI Fintech That Insiders Are Buying
- Earnings Per Share Calculator: How to Calculate EPS
- Higher Oil Prices Could Give NextEra’s Stock Earnings a Boost
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW – Free Report).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.