Jupiter Asset Management Ltd. acquired a new position in Corning Incorporated (NYSE:GLW – Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 220,002 shares of the electronics maker’s stock, valued at approximately $7,707,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Corning by 0.7% in the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after purchasing an additional 671,480 shares in the last quarter. State Street Corp grew its stake in Corning by 2.2% in the first quarter. State Street Corp now owns 31,601,045 shares of the electronics maker’s stock worth $1,114,880,000 after purchasing an additional 686,278 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Corning by 4.9% in the first quarter. Ameriprise Financial Inc. now owns 15,953,780 shares of the electronics maker’s stock worth $563,232,000 after purchasing an additional 741,788 shares in the last quarter. Geode Capital Management LLC grew its stake in Corning by 2.2% in the first quarter. Geode Capital Management LLC now owns 15,838,529 shares of the electronics maker’s stock worth $557,680,000 after purchasing an additional 336,351 shares in the last quarter. Finally, Morgan Stanley grew its stake in Corning by 26.5% in the fourth quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock worth $438,666,000 after purchasing an additional 2,875,197 shares in the last quarter. Institutional investors own 67.74% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the company. Barclays dropped their target price on Corning from $33.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 25th. Citigroup dropped their target price on Corning from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday, October 25th. StockNews.com assumed coverage on Corning in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Oppenheimer dropped their target price on Corning from $42.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 25th. Finally, TheStreet cut Corning from a “b-” rating to a “c+” rating in a research report on Thursday, October 12th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $34.89.
Corning Stock Performance
Shares of GLW opened at $28.48 on Friday. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $37.10. The stock has a fifty day moving average price of $28.93 and a 200-day moving average price of $31.49. The company has a current ratio of 1.70, a quick ratio of 1.08 and a debt-to-equity ratio of 0.61. The firm has a market cap of $24.30 billion, a PE ratio of 41.88, a P/E/G ratio of 10.57 and a beta of 1.07.
Corning (NYSE:GLW – Get Free Report) last issued its earnings results on Tuesday, October 24th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.51 billion. Corning had a return on equity of 12.73% and a net margin of 4.50%. The business’s revenue was down 9.0% on a year-over-year basis. During the same quarter last year, the business earned $0.51 EPS. Equities research analysts predict that Corning Incorporated will post 1.71 earnings per share for the current fiscal year.
Corning Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors 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 dividend on an annualized basis and a yield of 3.93%. Corning’s dividend payout ratio (DPR) is 164.71%.
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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