JOYN Advisors Inc. lowered its position in shares of Corning Incorporated (NYSE:GLW) by 6.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 6,429 shares of the electronics maker’s stock after selling 433 shares during the quarter. JOYN Advisors Inc.’s holdings in Corning were worth $213,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of GLW. Vectors Research Management LLC raised its position in shares of Corning by 16.5% during the 4th quarter. Vectors Research Management LLC now owns 2,120 shares of the electronics maker’s stock valued at $64,000 after acquiring an additional 300 shares in the last quarter. OLD Dominion Capital Management Inc. increased its position in Corning by 1.3% in the fourth quarter. OLD Dominion Capital Management Inc. now owns 24,928 shares of the electronics maker’s stock worth $753,000 after buying an additional 324 shares during the period. Huntington National Bank increased its position in Corning by 1.5% in 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. Clifford Swan Investment Counsel LLC increased its position in Corning by 3.9% in the fourth quarter. Clifford Swan Investment Counsel LLC now owns 8,938 shares of the electronics maker’s stock worth $270,000 after buying an additional 338 shares during the period. Finally, Scotia Capital Inc. lifted its stake in Corning by 0.4% in the 4th quarter. Scotia Capital Inc. now owns 83,258 shares of the electronics maker’s stock worth $2,515,000 after acquiring an additional 343 shares in the last quarter. Institutional investors and hedge funds own 70.97% of the company’s stock.
Several brokerages recently issued reports on GLW. Zacks Investment Research downgraded Corning from a “hold” rating to a “sell” rating in a research note on Tuesday, April 23rd. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, January 29th. Finally, Bank of America raised Corning from a “neutral” rating to a “buy” rating and set a $32.31 price objective for the company in a research note on Wednesday, May 1st. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $35.41.
GLW opened at $29.88 on Friday. Corning Incorporated has a fifty-two week low of $26.23 and a fifty-two week high of $36.56. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.08 and a quick ratio of 1.36. The stock has a market cap of $23.45 billion, a PE ratio of 16.79, a PEG ratio of 1.58 and a beta of 1.12.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.01. Corning had a return on equity of 15.02% and a net margin of 18.57%. The company had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same period last year, the business earned $0.31 EPS. The business’s quarterly revenue was up 12.5% on a year-over-year basis. On average, research analysts forecast that Corning Incorporated will post 1.97 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend is Thursday, May 30th. Corning’s payout ratio is 44.94%.
In other Corning news, VP David L. Morse sold 36,664 shares of the firm’s stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $35.00, for a total value of $1,283,240.00. Following the sale, the vice president now owns 47,527 shares of the company’s stock, valued at approximately $1,663,445. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.46% of the stock is currently owned by company insiders.
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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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