According to the latest Form 13F filed by the company with the SEC, the stock price of the electronics maker increased 2.9% in the fourth quarter. The institution investor held 349,285 of the stock of the electronics manufacturer after selling 10,520 during the quarter. Corning is the 15th largest holding in Front Street Capital Management Inc.'s portfolio. It represents 2.5%. Front Street Capital Management Inc. held Corning for $11,156,000 as of the end the last quarter.
Several other institutional investors have also bought and sold shares in GLW recently. Norges Bank acquired a new Corning stake worth $241.456,000 during the fourth quarter. First Trust Advisors LP increased its holdings of Corning shares by 292.8% during the fourth quarter. First Trust Advisors LP owns 6,562,734 of the electronics maker’s stock, worth $209 617,000. This is after acquiring 4,892,140 additional shares in the last quarter. Morgan Stanley increased its holdings of Corning shares by 26.5% during the fourth quarter. Morgan Stanley owns now 13,734,071 of the electronics manufacturer's stock, worth $438.666,000. This is after adding 2,875,197 additional shares in the last quarter. American Century Companies Inc. increased its holdings of Corning shares by 49.1% during the fourth quarter. American Century Companies Inc. owns 7,161,868 of the electronics maker’s stock, worth $228.750,000. This is after adding 2,358,866 additional shares in the last quarter. BlackRock Inc. increased its holdings of Corning shares by 3.3% during the third quarter. BlackRock Inc. owns 55 945 292 shares of Corning's stock, worth $1 623 533,000, after adding 1,796,774 more shares in the last quarter. SVP Anne Mullins, in other Corning news: she sold 49,882 of the company stock on Wednesday, 10th May. Stock was sold for $1,563,301.88 at an average price $31.34. SVP John Z. Zhang, in other news, sold 15,000 shares Friday, 5th May. The stock was purchased at a price of $31.45, resulting in a value of $471.750.00. The senior vice president owns now 12,546 shares worth $394,571.70. SVP Anne Mullins also sold 49,882 of the company stock in a deal dated May 10th. The stock was bought at a price of $31.34 on average, for a value of $1.563,301.88. In the past three months, insiders have sold 115 289 shares worth $3 704,885. Insiders own 0.40%.
Corning Trading up 0.2 %
On Monday, the stock rose $0.05 to $32.84 The stock was traded at a volume of 2,987,971 compared to the average of 4,516.526, a difference of $0.05. The stock's market cap is $27.91 Billion, with a PE of 30.98 and a PEG of 2.19, as well as a beta of 107. The company has a ratio of current of 1,44, quick of 0,84 and debt-to equity of 0.55. The stock's fifty-day moving is $32.44, and its 200-day moving is $33.59. Corning Incorporated's 52-week low is $28.98, and its 52-week high is $37.73.
The last time ) announced its quarterly results was on Tuesday, 25th April. The electronics manufacturer reported $0.41 per share for the quarter. This was $0.02 higher than the consensus estimate, which was $0.39. Revenue for the quarter was $3.37 billion, which is higher than analyst expectations of $3.35. Corning's return on equity was 13.99%, and its net margin was 6.66%. Revenue was down 10.1% year-over-year. In the same period of the previous year, the company posted $0.54 in earnings per share. Analysts expect Corning Incorporated to post 1,94 earnings per share in the current fiscal period.
Corning Announces Dividend
Recently, the company declared a dividend that will be paid out on Thursday, 29th June. Dividends will be paid to shareholders who were in the books on May 31st. The dividend is $0.28 per share. This dividend will be paid on Tuesday, May 30, at the latest. This is a yielding dividend of 3.41% and an annualized $1.12 dividend. Corning's current dividend payout ratio stands at 105.66%.
Analyst Ratings Changes
GLW has recently been the subject of several research reports. JPMorgan Chase & Co. raised their price target for Corning in a report published on Wednesday, April 19, from $40.00 up to $42.00. The stock was also given an 'overweight rating'. Corning was first covered in a report published on Thursday 18th May. The company was given a rating of 'hold'. In a research report published on April 26th, UBS Group reduced their price target for Corning from $40 to $39.00. Morgan Stanley, in a Friday research note, upgraded Corning's rating from 'equal' to 'overweight' and raised their target price from $35.00 up to $38.00. Four equity research analysts have given the stock a hold recommendation and seven others have given it a buy recommendation. MarketBeat.com data shows that the consensus rating for the company is 'Moderate buy' with a consensus price target of $38.22.
Corning, Inc. is engaged in providing glass for notebook computers, desktop flat panels, display televisions, as well as other information display applications. It also provides carrier network and enterprise networking products for telecommunications, ceramic substrates used in gasoline and diesel engines for automotive and heavy duty vehicle markets, polymer products, laboratory products, and optical materials to the scientific and scientific community.
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