Mackay Shields LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 0.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 118,620 shares of the electronics maker’s stock after selling 791 shares during the period. Mackay Shields LLC’s holdings in Corning were worth $2,436,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in GLW. Squar Milner Financial Services LLC increased its holdings in shares of Corning by 14.3% during the 4th quarter. Squar Milner Financial Services LLC now owns 2,781 shares of the electronics maker’s stock worth $80,000 after buying an additional 348 shares during the last quarter. SeaCrest Wealth Management LLC boosted its position in Corning by 23.8% during the 4th quarter. SeaCrest Wealth Management LLC now owns 15,828 shares of the electronics maker’s stock worth $461,000 after purchasing an additional 3,042 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in Corning during the 4th quarter worth $273,000. Harel Insurance Investments & Financial Services Ltd. boosted its position 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 purchasing an additional 1,972 shares during the period. Finally, J.W. Cole Advisors Inc. purchased a new stake in Corning during the 4th quarter worth $270,000. Institutional investors and hedge funds own 72.90% of the company’s stock.
NYSE:GLW opened at $21.38 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.18 and a quick ratio of 1.44. The firm has a 50-day moving average of $20.49 and a two-hundred day moving average of $25.66. The stock has a market cap of $16.22 billion, a P/E ratio of 66.81, a PEG ratio of 11.13 and a beta of 1.09. Corning Incorporated has a 1-year low of $17.44 and a 1-year high of $34.26.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. Corning had a net margin of 3.29% and a return on equity of 13.01%. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the prior year, the company posted $0.40 EPS. The firm’s revenue for the quarter was down 15.0% on a year-over-year basis. As a group, equities analysts expect that Corning Incorporated will post 1.03 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.88 annualized dividend and a dividend yield of 4.12%. Corning’s payout ratio is 50.00%.
A number of analysts recently weighed in on GLW shares. Susquehanna Bancshares reaffirmed a “hold” rating and set a $22.00 price target on shares of Corning in a research report on Tuesday, April 28th. Barclays cut shares of Corning from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $26.00 to $22.00 in a research report on Wednesday, April 29th. Morgan Stanley decreased their price target on shares of Corning from $26.00 to $24.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 7th. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research report on Tuesday, April 28th. Finally, TheStreet cut shares of Corning from a “b-” rating to a “c+” rating in a research report on Monday, February 10th. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $30.00.
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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