Summit X LLC cut its position in shares of Corning Incorporated (NYSE:GLW – Free Report) by 11.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,811 shares of the electronics maker’s stock after selling 873 shares during the period. Summit X LLC’s holdings in Corning were worth $239,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Cibc World Market Inc. raised its position in Corning by 22.1% in the first quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock valued at $2,420,000 after purchasing an additional 11,884 shares during the period. Prudential PLC acquired a new position in shares of Corning in the first quarter valued at approximately $588,000. Sequoia Financial Advisors LLC increased its stake in Corning by 15.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock worth $293,000 after buying an additional 1,062 shares during the period. Vanguard Group Inc. increased its stake in Corning by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after buying an additional 671,480 shares during the period. Finally, Baird Financial Group Inc. boosted its position in Corning by 24.4% in the 1st quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock valued at $26,388,000 after buying an additional 140,098 shares during the period. 67.74% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms recently issued reports on GLW. Morgan Stanley decreased their target price on Corning from $38.00 to $33.00 and set an “overweight” rating for the company in a report on Wednesday, October 25th. Barclays cut their target price on shares of Corning from $33.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 25th. Citigroup dropped their price objective on shares of Corning from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday, October 25th. TheStreet cut shares of Corning from a “b-” rating to a “c+” rating in a research report on Thursday, October 12th. Finally, StockNews.com assumed coverage on Corning in a research report on Thursday, October 5th. They set a “hold” rating for the company. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.89.
Corning Stock Up 1.7 %
Shares of NYSE:GLW opened at $28.95 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.70 and a quick ratio of 1.08. The stock has a market cap of $24.70 billion, a P/E ratio of 42.57, a P/E/G ratio of 10.32 and a beta of 1.07. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $37.10. The firm has a fifty day moving average price of $29.06 and a 200 day moving average price of $31.54.
Corning (NYSE:GLW – Get Free Report) last issued its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.01). Corning had a net margin of 4.50% and a return on equity of 12.73%. The company had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.51 billion. During the same quarter last year, the firm earned $0.51 EPS. The business’s revenue was down 9.0% on a year-over-year basis. Sell-side analysts predict that Corning Incorporated will post 1.71 EPS for the current year.
Corning Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, November 17th will be paid a $0.28 dividend. The ex-dividend date is Thursday, November 16th. This represents a $1.12 annualized dividend and a yield of 3.87%. Corning’s dividend payout ratio is currently 164.71%.
Corning Company Profile
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.
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