AMJ Financial Wealth Management purchased a new stake in Corning Incorporated (NYSE:GLW – Free Report) in the second quarter, Holdings Channel reports. The institutional investor purchased 65,066 shares of the electronics maker’s stock, valued at approximately $2,280,000.
Other large investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in Corning during the fourth quarter valued at approximately $241,456,000. Providence Capital Advisors LLC boosted its stake in shares of Corning by 3,478.3% during the 1st quarter. Providence Capital Advisors LLC now owns 5,022,955 shares of the electronics maker’s stock worth $142,374,000 after acquiring an additional 4,882,581 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Corning by 74.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,681,332 shares of the electronics maker’s stock worth $306,278,000 after acquiring an additional 3,694,339 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Corning by 249.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 4,854,180 shares of the electronics maker’s stock worth $51,615,000 after acquiring an additional 3,463,832 shares during the last quarter. Finally, Morgan Stanley raised its position in shares of Corning by 26.5% during 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 during the period. Institutional investors own 67.74% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts recently weighed in on the company. TheStreet cut Corning from a “b-” rating to a “c+” rating in a research note on Thursday, October 12th. StockNews.com started coverage on shares of Corning in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Citigroup reduced their price target on shares of Corning from $39.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, October 25th. JPMorgan Chase & Co. lowered their price objective on shares of Corning from $36.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 25th. Finally, Barclays reduced their target price on Corning from $33.00 to $28.00 and set an “equal weight” rating for the company in a report on Wednesday, October 25th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.89.
Corning Stock Down 1.2 %
Shares of NYSE GLW traded down $0.33 during mid-day trading on Monday, reaching $28.15. The company had a trading volume of 1,103,372 shares, compared to its average volume of 4,226,586. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.08 and a current ratio of 1.70. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $37.10. The stock’s 50 day moving average is $28.93 and its 200-day moving average is $31.48. The stock has a market capitalization of $24.02 billion, a PE ratio of 41.47, a price-to-earnings-growth ratio of 10.57 and a beta of 1.07.
Corning (NYSE:GLW – Get Free Report) last announced 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). The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.51 billion. Corning had a net margin of 4.50% and a return on equity of 12.73%. The firm’s quarterly revenue was down 9.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.51 earnings per share. As a group, equities analysts anticipate that Corning Incorporated will post 1.71 earnings per share for the current fiscal year.
Corning Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, November 17th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.98%. The ex-dividend date is Thursday, November 16th. Corning’s dividend payout ratio 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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