Elkfork Partners LLC bought a new position in shares of Corning Incorporated (NYSE:GLW) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 256,586 shares of the electronics maker’s stock, valued at approximately $8,208,000.
Other hedge funds have also bought and sold shares of the company. Wealthsource Partners LLC acquired a new position in shares of Corning during the 3rd quarter worth approximately $281,000. State of Alaska Department of Revenue increased its holdings in shares of Corning by 85.2% during the 4th quarter. State of Alaska Department of Revenue now owns 145,816 shares of the electronics maker’s stock worth $4,662,000 after acquiring an additional 67,100 shares during the last quarter. State of Wisconsin Investment Board increased its holdings in shares of Corning by 14.5% during the 4th quarter. State of Wisconsin Investment Board now owns 1,076,076 shares of the electronics maker’s stock worth $34,424,000 after acquiring an additional 136,107 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Corning by 2.6% during the 4th quarter. Wells Fargo & Company MN now owns 4,386,662 shares of the electronics maker’s stock worth $140,330,000 after acquiring an additional 111,926 shares during the last quarter. Finally, Firsthand Capital Management Inc. acquired a new position in shares of Corning during the 4th quarter worth approximately $207,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.
Shares of GLW stock opened at $27.78 on Friday. The firm has a market capitalization of $25,183.40, a price-to-earnings ratio of -35.61, a PEG ratio of 4.39 and a beta of 1.35. The company has a current ratio of 2.75, a quick ratio of 2.22 and a debt-to-equity ratio of 0.35. Corning Incorporated has a 1 year low of $26.32 and a 1 year high of $35.10.
Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.65 billion. Corning had a positive return on equity of 11.63% and a negative net margin of 4.91%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.50 EPS. sell-side analysts anticipate that Corning Incorporated will post 1.67 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.59%. This is an increase from Corning’s previous quarterly dividend of $0.16. The ex-dividend date is Tuesday, February 27th. Corning’s dividend payout ratio is presently -92.31%.
In other news, VP Christine M. Pambianchi sold 1,000 shares of the company’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $29.90, for a total transaction of $29,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John A. Canning, Jr. bought 30,000 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were bought at an average price of $29.60 per share, with a total value of $888,000.00. The disclosure for this purchase can be found here. Corporate insiders own 0.59% of the company’s stock.
Several analysts recently issued reports on the company. Citigroup reduced their price target on Corning from $35.00 to $32.00 and set a “neutral” rating for the company in a research note on Friday, March 9th. TheStreet downgraded Corning from a “b-” rating to a “c+” rating in a research note on Wednesday, February 28th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Barclays set a $38.00 price target on Corning and gave the company a “buy” rating in a research note on Wednesday, January 10th. Finally, Oppenheimer restated a “hold” rating on shares of Corning in a research note on Wednesday, January 31st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $31.22.
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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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