Lyrical Asset Management LP grew its position in Corning Incorporated (NYSE:GLW) by 2.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,718,170 shares of the electronics maker’s stock after acquiring an additional 258,334 shares during the period. Corning comprises 4.2% of Lyrical Asset Management LP’s portfolio, making the stock its 4th largest holding. Lyrical Asset Management LP owned 1.23% of Corning worth $342,874,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Motco lifted its position in shares of Corning by 150.4% during the fourth quarter. Motco now owns 3,538 shares of the electronics maker’s stock worth $113,000 after purchasing an additional 2,125 shares in the last quarter. Valeo Financial Advisors LLC raised its holdings in Corning by 163.9% in the fourth quarter. Valeo Financial Advisors LLC now owns 4,991 shares of the electronics maker’s stock valued at $160,000 after acquiring an additional 3,100 shares in the last quarter. Bank of Nova Scotia Trust Co. acquired a new stake in Corning in the third quarter valued at $163,000. Resources Investment Advisors Inc. raised its holdings in Corning by 611.0% in the fourth quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock valued at $166,000 after acquiring an additional 4,460 shares in the last quarter. Finally, Boys Arnold & Co. Inc. acquired a new stake in shares of Corning during the fourth quarter worth $202,000. Hedge funds and other institutional investors own 72.94% of the company’s stock.
GLW has been the topic of a number of research reports. Guggenheim reissued a “buy” rating and set a $35.00 target price on shares of Corning in a report on Tuesday, December 12th. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research report on Tuesday, December 19th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Barclays set a $38.00 price objective on shares of Corning and gave the company a “buy” rating in a research report on Wednesday, January 10th. Finally, Citigroup raised their price objective on shares of Corning from $33.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $31.22.
In other news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the company’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the sale, the insider now owns 136,032 shares in the company, valued at approximately $4,410,157.44. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Deborah Rieman sold 2,083 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total value of $66,989.28. Following the sale, the director now owns 102,896 shares in the company, valued at approximately $3,309,135.36. The disclosure for this sale can be found here. Insiders own 0.59% of the company’s stock.
Shares of Corning Incorporated (NYSE:GLW) traded down $0.30 during midday trading on Wednesday, hitting $29.54. The company’s stock had a trading volume of 5,303,640 shares, compared to its average volume of 7,581,124. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.22 and a current ratio of 2.75. Corning Incorporated has a 12 month low of $26.32 and a 12 month high of $35.10. The company has a market capitalization of $25,330.00, a PE ratio of -43.44, a PEG ratio of 4.46 and a beta of 1.35.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. The business had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Corning had a positive return on equity of 11.63% and a negative net margin of 4.91%. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.50 earnings per share. equities analysts forecast that Corning Incorporated will post 1.67 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.44%. The ex-dividend date is Tuesday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.16. Corning’s payout ratio is -105.88%.
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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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