Cambridge Investment Research Advisors Inc. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 25.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 179,393 shares of the electronics maker’s stock after selling 61,301 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Corning were worth $3,685,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the stock. Squar Milner Financial Services LLC increased its stake in Corning by 14.3% during the fourth quarter. Squar Milner Financial Services LLC now owns 2,781 shares of the electronics maker’s stock worth $80,000 after purchasing an additional 348 shares during the period. SeaCrest Wealth Management LLC boosted its stake in shares of Corning by 23.8% in the fourth quarter. SeaCrest Wealth Management LLC now owns 15,828 shares of the electronics maker’s stock valued at $461,000 after purchasing an additional 3,042 shares during the period. Campbell & CO Investment Adviser LLC acquired a new position in shares of Corning in the fourth quarter valued at approximately $273,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in Corning by 490.5% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,374 shares of the electronics maker’s stock worth $69,000 after buying an additional 1,972 shares during the period. Finally, J.W. Cole Advisors Inc. acquired a new stake in Corning during the 4th quarter worth approximately $270,000. Institutional investors own 72.90% of the company’s stock.
Several analysts have recently issued reports on the company. TheStreet cut Corning from a “b-” rating to a “c+” rating in a research note on Monday, February 10th. ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, March 3rd. Barclays downgraded Corning from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $26.00 to $22.00 in a research report on Wednesday, April 29th. Morgan Stanley reduced their target price on shares of Corning from $26.00 to $24.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 7th. Finally, Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research report on Tuesday, April 28th. Eleven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $30.00.
Shares of GLW opened at $21.38 on Friday. Corning Incorporated has a fifty-two week low of $17.44 and a fifty-two week high of $34.26. The company has a market capitalization of $16.22 billion, a price-to-earnings ratio of 66.81, a price-to-earnings-growth ratio of 11.13 and a beta of 1.09. The firm has a 50-day simple moving average of $20.49 and a 200-day simple moving average of $25.66. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.44 and a current ratio of 2.18.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.03. Corning had a return on equity of 13.01% and a net margin of 3.29%. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same period in the prior year, the business earned $0.40 EPS. The firm’s revenue was down 15.0% compared to the same quarter last year. Equities research analysts forecast that Corning Incorporated will post 1.03 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be given a $0.22 dividend. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.88 dividend on an annualized basis and a yield of 4.12%. Corning’s dividend payout ratio (DPR) is 50.00%.
Corning Company Profile
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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