Bluefin Capital Management LLC bought a new position in shares of Corning Incorporated (NYSE:GLW) in the first quarter, Holdings Channel.com reports. The institutional investor bought 6,900 shares of the electronics maker’s stock, valued at approximately $300,000.
A number of other large investors also recently made changes to their positions in GLW. FIL Ltd lifted its holdings in Corning by 11.8% in the fourth quarter. FIL Ltd now owns 4,416,302 shares of the electronics maker’s stock valued at $158,987,000 after acquiring an additional 464,616 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Corning in the fourth quarter valued at approximately $1,732,000. LPL Financial LLC lifted its holdings in Corning by 23.5% in the fourth quarter. LPL Financial LLC now owns 257,527 shares of the electronics maker’s stock valued at $9,271,000 after acquiring an additional 49,069 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in Corning by 3.5% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 142,156 shares of the electronics maker’s stock valued at $5,118,000 after acquiring an additional 4,816 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in Corning by 36.6% in the fourth quarter. Federated Hermes Inc. now owns 15,171 shares of the electronics maker’s stock valued at $546,000 after acquiring an additional 4,066 shares during the period. 67.12% of the stock is owned by institutional investors.
In related news, SVP Stefan Becker sold 12,966 shares of the stock in a transaction dated Thursday, April 29th. The stock was sold at an average price of $44.98, for a total transaction of $583,210.68. Following the transaction, the senior vice president now owns 11,947 shares of the company’s stock, valued at approximately $537,376.06. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP David L. Morse sold 35,004 shares of the stock in a transaction dated Thursday, April 29th. The stock was sold at an average price of $45.00, for a total value of $1,575,180.00. Following the transaction, the vice president now directly owns 100,860 shares in the company, valued at approximately $4,538,700. The disclosure for this sale can be found here. In the last ninety days, insiders bought 5,553 shares of company stock worth $239,744 and sold 307,256 shares worth $13,776,016. Corporate insiders own 0.48% of the company’s stock.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 27th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.02. The company had revenue of $3.29 billion during the quarter, compared to analysts’ expectations of $3.11 billion. Corning had a return on equity of 13.66% and a net margin of 9.89%. The firm’s quarterly revenue was up 37.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.20 EPS. On average, equities analysts expect that Corning Incorporated will post 2.09 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 29th. Stockholders of record on Tuesday, August 31st will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Monday, August 30th. Corning’s dividend payout ratio (DPR) is presently 69.06%.
A number of analysts have recently commented on GLW shares. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Tuesday, April 20th. Morgan Stanley boosted their price objective on Corning from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 28th. JPMorgan Chase & Co. upgraded Corning from a “neutral” rating to an “overweight” rating and set a $55.00 price objective for the company in a research report on Monday, April 19th. Finally, Argus boosted their price objective on Corning from $42.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, April 7th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $42.80.
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 offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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