Janus Henderson Group PLC Increases Stake in Corning Incorporated (NYSE:GLW)

Janus Henderson Group PLC increased its position in Corning Incorporated (NYSE:GLW) by 29.1% in the 2nd quarter, HoldingsChannel reports. The fund owned 9,386,825 shares of the electronics maker’s stock after purchasing an additional 2,117,416 shares during the period. Janus Henderson Group PLC’s holdings in Corning were worth $311,923,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in GLW. Manchester Financial Inc. bought a new stake in shares of Corning during the 2nd quarter valued at about $29,000. Trustcore Financial Services LLC bought a new stake in shares of Corning during the 1st quarter valued at about $30,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Corning during the 2nd quarter valued at about $33,000. Thor Advisors LLC bought a new stake in shares of Corning during the 1st quarter valued at about $35,000. Finally, Nelson Roberts Investment Advisors LLC boosted its position in shares of Corning by 31.7% during the 2nd quarter. Nelson Roberts Investment Advisors LLC now owns 1,303 shares of the electronics maker’s stock valued at $43,000 after acquiring an additional 314 shares during the last quarter. 71.56% of the stock is owned by institutional investors.

NYSE:GLW traded up $0.77 during mid-day trading on Tuesday, reaching $28.52. The stock had a trading volume of 1,382,080 shares, compared to its average volume of 6,565,817. The company has a 50 day moving average price of $32.12. The company has a market capitalization of $22.08 billion, a PE ratio of 16.02, a P/E/G ratio of 1.42 and a beta of 1.16. Corning Incorporated has a one year low of $27.60 and a one year high of $36.56. 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 (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.01. The company had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.97 billion. Corning had a return on equity of 15.60% and a net margin of 12.78%. Corning’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 EPS. Equities research analysts anticipate that Corning Incorporated will post 1.89 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be given a $0.20 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.80 dividend on an annualized basis and a yield of 2.81%. Corning’s payout ratio is 44.94%.

In related news, VP Christine M. Pambianchi sold 194,960 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total value of $6,207,526.40. Following the completion of the sale, the vice president now owns 66,369 shares in the company, valued at approximately $2,113,188.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.46% of the company’s stock.

A number of analysts have recently issued reports on the company. Zacks Investment Research upgraded Corning from a “sell” rating to a “hold” rating and set a $30.00 price target for the company in a research report on Tuesday, August 6th. S&P Equity Research downgraded Corning from a “positive” rating to a “neutral” rating and dropped their price target for the company from $40.00 to $30.00 in a research report on Thursday, August 1st. They noted that the move was a valuation call. Bank of America upgraded Corning from a “neutral” rating to a “buy” rating and set a $32.31 target price for the company in a research report on Wednesday, May 1st. ValuEngine downgraded Corning from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Finally, Susquehanna Bancshares restated a “neutral” rating and issued a $30.00 target price (down previously from $40.00) on shares of Corning in a research report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $34.73.

About Corning

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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