Citigroup Inc. Raises Holdings in Corning Incorporated (NYSE:GLW)

Citigroup Inc. lifted its holdings in shares of Corning Incorporated (NYSE:GLWFree Report) by 10.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,430,867 shares of the electronics maker’s stock after acquiring an additional 140,134 shares during the quarter. Citigroup Inc. owned about 0.17% of Corning worth $43,599,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in GLW. Peoples Bank KS acquired a new position in Corning in the 3rd quarter worth $25,000. OFI Invest Asset Management acquired a new position in Corning in the 3rd quarter worth $25,000. Janiczek Wealth Management LLC lifted its holdings in Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 571 shares in the last quarter. Pacifica Partners Inc. acquired a new position in Corning in the 3rd quarter worth $28,000. Finally, Quarry LP acquired a new position in Corning in the 2nd quarter worth $32,000. Institutional investors and hedge funds own 67.74% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on GLW. UBS Group boosted their price objective on shares of Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, January 11th. Barclays boosted their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Citigroup dropped their target price 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. Oppenheimer dropped their target price on shares of Corning from $42.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, October 25th. Finally, Morgan Stanley dropped their target price on shares of Corning from $38.00 to $33.00 and set an “overweight” rating for the company in a research report on Wednesday, October 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $32.88.

Get Our Latest Report on Corning

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 18,200 shares of the company’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $30.15, for a total value of $548,730.00. Following the completion of the transaction, the insider now owns 205,258 shares in the company, valued at approximately $6,188,528.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.40% of the stock is owned by insiders.

Corning Price Performance

NYSE GLW opened at $32.04 on Monday. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The stock has a market cap of $27.34 billion, a price-to-earnings ratio of 47.82, a price-to-earnings-growth ratio of 1.83 and a beta of 1.09. The company has a 50-day moving average price of $30.55 and a two-hundred day moving average price of $30.28.

Corning (NYSE:GLWGet Free Report) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the prior year, the firm earned $0.47 EPS. Corning’s quarterly revenue was down 12.1% on a year-over-year basis. Analysts forecast that Corning Incorporated will post 1.85 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend is Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is 167.16%.

About Corning

(Free Report)

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.

Read More

Institutional Ownership by Quarter for Corning (NYSE:GLW)

Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.