Federated Hermes Inc. Has $40.24 Million Position in Corning Incorporated (NYSE:GLW)

Federated Hermes Inc. raised its position in Corning Incorporated (NYSE:GLW) by 1,329.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,321,494 shares of the electronics maker’s stock after purchasing an additional 1,229,031 shares during the period. Federated Hermes Inc.’s holdings in Corning were worth $40,239,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in GLW. Peoples Bank KS bought a new stake in shares of Corning in the third quarter valued at about $25,000. OFI Invest Asset Management acquired a new stake in Corning in the 3rd quarter worth about $25,000. Janiczek Wealth Management LLC boosted its holdings in Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 571 shares during the period. SRS Capital Advisors Inc. boosted its holdings in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares during the period. Finally, Bruce G. Allen Investments LLC acquired a new position in shares of Corning during the 4th quarter worth approximately $31,000. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $31.27 on Friday. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The stock’s 50-day simple moving average is $32.31 and its 200 day simple moving average is $30.39. The firm has a market capitalization of $26.75 billion, a PE ratio of 46.67, a price-to-earnings-growth ratio of 1.71 and a beta of 1.08.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same period last year, the company posted $0.47 EPS. On average, analysts anticipate that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.58%. Corning’s payout ratio is presently 167.16%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GLW. UBS Group boosted their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Susquehanna reissued a “positive” rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. Barclays raised their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. Finally, JPMorgan Chase & Co. raised their target price on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $34.56.

Insiders Place Their Bets

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.40% of the company’s stock.

Corning Company Profile

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.