Worldquant Millennium Advisors LLC lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 8.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 736,031 shares of the electronics maker’s stock after purchasing an additional 60,001 shares during the quarter. Worldquant Millennium Advisors LLC’s holdings in Corning were worth $24,458,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Piedmont Investment Advisors Inc. boosted its stake in Corning by 6.4% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 12,661 shares of the electronics maker’s stock valued at $419,000 after purchasing an additional 766 shares during the period. Synovus Financial Corp boosted its stake in Corning by 9.3% in the 1st quarter. Synovus Financial Corp now owns 18,174 shares of the electronics maker’s stock valued at $601,000 after purchasing an additional 1,550 shares during the period. FinTrust Capital Advisors LLC boosted its stake in Corning by 28.1% in the 1st quarter. FinTrust Capital Advisors LLC now owns 1,826 shares of the electronics maker’s stock valued at $60,000 after purchasing an additional 400 shares during the period. BlackRock Inc. boosted its stake in Corning by 1.1% in the 1st quarter. BlackRock Inc. now owns 53,814,951 shares of the electronics maker’s stock valued at $1,781,272,000 after purchasing an additional 597,213 shares during the period. Finally, GHP Investment Advisors Inc. boosted its stake in Corning by 14.1% in the 1st quarter. GHP Investment Advisors Inc. now owns 83,847 shares of the electronics maker’s stock valued at $2,775,000 after purchasing an additional 10,391 shares during the period. Institutional investors and hedge funds own 71.14% of the company’s stock.
Shares of NYSE:GLW traded up $0.64 during trading on Wednesday, reaching $28.29. 3,103,957 shares of the company traded hands, compared to its average volume of 6,189,331. The company’s 50 day moving average is $28.12 and its two-hundred day moving average is $31.45. The firm has a market capitalization of $21.70 billion, a PE ratio of 15.89, a PEG ratio of 1.79 and a beta of 1.18. The company has a quick ratio of 1.18, a current ratio of 1.85 and a debt-to-equity ratio of 0.54. Corning Incorporated has a 52 week low of $26.78 and a 52 week high of $35.92.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.20 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.83%. Corning’s dividend payout ratio (DPR) is currently 44.94%.
In other news, insider Clark S. Kinlin sold 9,667 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total transaction of $270,095.98. Following the completion of the transaction, the insider now owns 70,648 shares of the company’s stock, valued at approximately $1,973,905.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.46% of the stock is currently owned by insiders.
A number of analysts have recently weighed in on the company. Cross Research downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, September 17th. Morgan Stanley cut their target price on Corning from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. Bank of America cut their target price on Corning from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Deutsche Bank set a $36.00 target price on Corning and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Zacks Investment Research upgraded Corning from a “sell” rating to a “hold” rating and set a $30.00 target price for the company in a research report on Friday, September 6th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $33.67.
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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