James Investment Research Inc. lowered its holdings in Corning Incorporated (NYSE:GLW) by 33.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 258,210 shares of the electronics maker’s stock after selling 129,455 shares during the quarter. James Investment Research Inc.’s holdings in Corning were worth $7,801,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in Corning by 7.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 13,189,684 shares of the electronics maker’s stock valued at $465,596,000 after acquiring an additional 941,964 shares in the last quarter. Lyrical Asset Management LP boosted its holdings in shares of Corning by 3.8% during the 3rd quarter. Lyrical Asset Management LP now owns 12,224,502 shares of the electronics maker’s stock valued at $160,385,000 after acquiring an additional 450,939 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 2.7% in the third quarter. Dimensional Fund Advisors LP now owns 8,227,051 shares of the electronics maker’s stock worth $290,419,000 after buying an additional 214,078 shares in the last quarter. Morgan Stanley lifted its holdings in Corning by 10.4% during the 3rd quarter. Morgan Stanley now owns 6,084,855 shares of the electronics maker’s stock valued at $214,795,000 after buying an additional 573,273 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Corning by 61.5% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 4,100,427 shares of the electronics maker’s stock worth $144,745,000 after acquiring an additional 1,562,192 shares in the last quarter. Institutional investors and hedge funds own 71.51% of the company’s stock.
Several equities analysts have recently commented on GLW shares. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a report on Tuesday, January 29th. Zacks Investment Research raised shares of Corning from a “sell” rating to a “hold” rating in a report on Wednesday, January 23rd. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Corning presently has a consensus rating of “Buy” and an average price target of $35.50.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. Corning had a return on equity of 14.21% and a net margin of 9.44%. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.49 EPS. As a group, research analysts expect that Corning Incorporated will post 2 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, February 28th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.35%. This is a positive change from Corning’s previous quarterly dividend of $0.18. The ex-dividend date is Wednesday, February 27th. Corning’s dividend payout ratio (DPR) is presently 40.45%.
In related news, insider David L. Morse sold 35,701 shares of the business’s stock in a transaction on Wednesday, January 30th. The shares were sold at an average price of $33.71, for a total transaction of $1,203,480.71. Following the completion of the transaction, the insider now owns 47,961 shares in the company, valued at $1,616,765.31. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 20,000 shares of the business’s stock in a transaction on Wednesday, December 19th. The shares were sold at an average price of $30.68, for a total value of $613,600.00. Following the completion of the transaction, the insider now owns 150,716 shares of the company’s stock, valued at $4,623,966.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 103,009 shares of company stock valued at $3,330,247. 0.46% of the stock is owned by company insiders.
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Corning Company Profile
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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