Optimum Investment Advisors cut its holdings in Corning Incorporated (NYSE:GLW) by 14.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,000 shares of the electronics maker’s stock after selling 1,225 shares during the quarter. Optimum Investment Advisors’ holdings in Corning were worth $211,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Huntington National Bank boosted its stake in Corning by 1.5% during the fourth quarter. Huntington National Bank now owns 23,045 shares of the electronics maker’s stock worth $696,000 after buying an additional 334 shares during the period. First Hawaiian Bank boosted its stake in Corning by 1.0% during the fourth quarter. First Hawaiian Bank now owns 36,447 shares of the electronics maker’s stock worth $1,101,000 after buying an additional 359 shares during the period. Howe & Rusling Inc. boosted its stake in Corning by 5.7% during the fourth quarter. Howe & Rusling Inc. now owns 6,769 shares of the electronics maker’s stock worth $204,000 after buying an additional 366 shares during the period. Fruth Investment Management boosted its stake in Corning by 2.0% during the fourth quarter. Fruth Investment Management now owns 25,925 shares of the electronics maker’s stock worth $783,000 after buying an additional 500 shares during the period. Finally, Cowen Prime Services LLC grew its holdings in shares of Corning by 43.5% in the fourth quarter. Cowen Prime Services LLC now owns 1,650 shares of the electronics maker’s stock worth $50,000 after purchasing an additional 500 shares during the last quarter. 71.51% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on GLW shares. ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a report on Monday, November 12th. Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, November 20th. Citigroup cut their price target on shares of Corning from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, October 24th. Finally, Guggenheim restated a “buy” rating and issued a $41.00 price target on shares of Corning in a report on Tuesday, October 23rd. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $35.50.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 20,000 shares of the stock in a transaction dated Wednesday, December 19th. The shares were sold at an average price of $30.68, for a total transaction of $613,600.00. Following the transaction, the insider now directly owns 150,716 shares in the company, valued at approximately $4,623,966.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Deborah Rieman sold 4,430 shares of the stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $32.30, for a total transaction of $143,089.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 103,009 shares of company stock worth $3,330,247. 0.46% of the stock is owned by company insiders.
Shares of Corning stock opened at $33.39 on Monday. The company has a current ratio of 2.12, a quick ratio of 1.51 and a debt-to-equity ratio of 0.52. Corning Incorporated has a 1 year low of $26.11 and a 1 year high of $36.56. The stock has a market cap of $26.73 billion, a price-to-earnings ratio of 18.76, a price-to-earnings-growth ratio of 1.90 and a beta of 1.21.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.02. Corning had a net margin of 9.44% and a return on equity of 14.21%. The company had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. During the same period in the prior year, the business earned $0.49 EPS. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. As a group, equities research analysts forecast that Corning Incorporated will post 2 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Thursday, February 28th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.40%. This is a boost from Corning’s previous quarterly dividend of $0.18. The ex-dividend date is Wednesday, February 27th. Corning’s dividend payout ratio is presently 40.45%.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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