Point72 Asia Hong Kong Ltd decreased its position in shares of Corning Incorporated (NYSE:GLW) by 39.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,132 shares of the electronics maker’s stock after selling 2,639 shares during the period. Point72 Asia Hong Kong Ltd’s holdings in Corning were worth $112,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of GLW. FNY Partners Fund LP bought a new stake in Corning during the first quarter valued at approximately $1,010,000. Lincluden Management Ltd. raised its stake in Corning by 8.5% in the first quarter. Lincluden Management Ltd. now owns 464,306 shares of the electronics maker’s stock valued at $12,536,000 after buying an additional 36,565 shares during the period. Bragg Financial Advisors Inc raised its stake in Corning by 0.8% in the first quarter. Bragg Financial Advisors Inc now owns 246,884 shares of the electronics maker’s stock valued at $6,666,000 after buying an additional 2,036 shares during the period. Janus Capital Management LLC raised its stake in Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock valued at $152,763,000 after buying an additional 2,127,260 shares during the period. Finally, Cypress Wealth Advisors LLC raised its stake in Corning by 3.5% in the first quarter. Cypress Wealth Advisors LLC now owns 8,512 shares of the electronics maker’s stock valued at $230,000 after buying an additional 287 shares during the period. Hedge funds and other institutional investors own 74.19% of the company’s stock.
Shares of Corning Incorporated (NYSE:GLW) traded up 1.44% during trading on Friday, hitting $28.98. 3,743,820 shares of the stock were exchanged. The company has a market cap of $26.17 billion, a price-to-earnings ratio of 12.94 and a beta of 1.40. The stock’s 50 day moving average price is $30.26 and its 200-day moving average price is $28.53. Corning Incorporated has a one year low of $22.14 and a one year high of $32.17.
Corning (NYSE:GLW) last released its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the business earned $0.37 EPS. The business’s revenue was up 6.1% on a year-over-year basis. On average, analysts predict that Corning Incorporated will post $1.71 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be issued a $0.155 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.14%. Corning’s dividend payout ratio is presently 27.93%.
Several research firms have recently commented on GLW. BidaskClub lowered Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price for the company in a report on Thursday, July 27th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $29.50 target price on shares of Corning in a report on Thursday, July 27th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a report on Thursday, July 27th. Finally, Drexel Hamilton reaffirmed a “sell” rating and issued a $17.50 target price on shares of Corning in a report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $27.81.
In other Corning news, insider Clark S. Kinlin sold 40,717 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the completion of the transaction, the insider now directly owns 72,707 shares in the company, valued at approximately $2,153,581.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Wendell P. Weeks sold 153,500 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the transaction, the chief executive officer now owns 76,750 shares of the company’s stock, valued at $2,270,265. The disclosure for this sale can be found here. Insiders have sold a total of 387,700 shares of company stock valued at $11,389,405 over the last 90 days. 0.59% of the stock is currently owned by insiders.
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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