Invesco Ltd. raised its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 4.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,337,063 shares of the electronics maker's stock after buying an additional 288,328 shares during the period. Invesco Ltd. owned about 0.74% of Corning worth $290,111,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Northern Trust Corp raised its stake in shares of Corning by 2.0% during the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after buying an additional 208,826 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Corning by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock valued at $465,723,000 after purchasing an additional 78,497 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Corning by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock valued at $290,610,000 after purchasing an additional 80,872 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Corning by 6.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,285,990 shares of the electronics maker's stock worth $251,190,000 after acquiring an additional 303,607 shares in the last quarter. Finally, Deutsche Bank AG increased its position in shares of Corning by 37.1% during the first quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker's stock worth $175,603,000 after acquiring an additional 1,037,875 shares in the last quarter. Institutional investors own 69.80% of the company's stock.
Insider Activity at Corning
In other news, CEO Wendell P. Weeks sold 82,103 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $65.19, for a total value of $5,352,294.57. Following the completion of the sale, the chief executive officer directly owned 809,295 shares of the company's stock, valued at $52,757,941.05. This trade represents a 9.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the sale, the senior vice president directly owned 35,743 shares of the company's stock, valued at $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 211,484 shares of company stock worth $12,813,804 in the last ninety days. Company insiders own 0.40% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on the stock. Wolfe Research assumed coverage on shares of Corning in a research report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Wall Street Zen upgraded shares of Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Barclays boosted their price target on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Finally, Susquehanna reissued a "positive" rating and issued a $75.00 price target (up from $60.00) on shares of Corning in a report on Wednesday, July 30th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $65.17.
View Our Latest Analysis on Corning
Corning Stock Down 0.5%
GLW traded down $0.34 during trading hours on Friday, hitting $65.42. 3,054,273 shares of the company's stock were exchanged, compared to its average volume of 5,656,164. Corning Incorporated has a 12-month low of $37.31 and a 12-month high of $66.50. The firm has a 50 day moving average of $55.70 and a 200 day moving average of $50.12. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The firm has a market cap of $56.04 billion, a P/E ratio of 69.60, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08.
Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same quarter in the prior year, the business earned $0.47 EPS. Analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.
Corning Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio (DPR) is presently 119.15%.
Corning Company Profile
(
Free Report)
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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