Jennison Associates LLC Reduces Stock Holdings in Corning Incorporated (NYSE:GLW)

Jennison Associates LLC decreased its holdings in Corning Incorporated (NYSE:GLW) by 1.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 250,758 shares of the electronics maker’s stock after selling 3,338 shares during the period. Jennison Associates LLC’s holdings in Corning were worth $7,636,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ameriprise Financial Inc. boosted its holdings in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after buying an additional 2,301,745 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Corning by 7.7% during 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 buying an additional 2,055,388 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Corning by 1,329.2% during the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after buying 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 worth $45,564,000 after purchasing an additional 1,124,787 shares during the last quarter. Finally, Morgan Stanley raised its position in Corning by 5.1% in the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after buying an additional 1,060,450 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.1 %

Shares of GLW opened at $31.33 on Friday. The stock has a market capitalization of $26.80 billion, a price-to-earnings ratio of 46.76, a price-to-earnings-growth ratio of 1.74 and a beta of 1.08. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The business’s 50 day simple moving average is $32.28 and its 200-day simple moving average is $30.45. 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 (NYSE:GLW) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the prior year, the firm earned $0.47 EPS. The company’s revenue for the quarter was down 12.1% on a year-over-year basis. As a group, equities analysts expect that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.57%. Corning’s payout ratio is presently 167.16%.

Insider Activity at Corning

In related 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 transaction of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GLW. JPMorgan Chase & Co. boosted their target price on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research note on Thursday, February 1st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Barclays boosted their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Finally, Morgan Stanley restated an “overweight” rating and issued a $35.00 price target on shares of Corning in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $34.78.

About Corning

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.