Axa reduced its position in Corning Incorporated (NYSE:GLW) by 12.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 248,544 shares of the electronics maker’s stock after selling 34,919 shares during the quarter. Axa’s holdings in Corning were worth $7,951,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of GLW. Levin Capital Strategies L.P. boosted its stake in shares of Corning by 465.8% in the 4th quarter. Levin Capital Strategies L.P. now owns 4,562,512 shares of the electronics maker’s stock valued at $145,955,000 after purchasing an additional 3,756,170 shares during the last quarter. Jennison Associates LLC boosted its stake in Corning by 24.8% during the fourth quarter. Jennison Associates LLC now owns 11,491,434 shares of the electronics maker’s stock worth $367,611,000 after acquiring an additional 2,284,899 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Corning by 17.0% during the third quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after acquiring an additional 999,912 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Corning during the fourth quarter worth $19,831,000. Finally, Neuberger Berman Group LLC boosted its stake in Corning by 24.9% during the third quarter. Neuberger Berman Group LLC now owns 3,044,997 shares of the electronics maker’s stock worth $91,106,000 after acquiring an additional 606,637 shares in the last quarter. 72.94% of the stock is currently owned by institutional investors.
Several brokerages recently issued reports on GLW. Guggenheim reissued a “buy” rating and set a $35.00 target price on shares of Corning in a research note on Tuesday, December 12th. Citigroup cut their target price on shares of Corning from $35.00 to $32.00 and set a “neutral” rating on the stock in a research note on Friday, March 9th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. TheStreet lowered shares of Corning from a “b-” rating to a “c+” rating in a research note on Wednesday, February 28th. Finally, Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a research note on Tuesday, December 19th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Corning has an average rating of “Hold” and an average price target of $31.22.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. Corning had a negative net margin of 4.91% and a positive return on equity of 11.63%. The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same period last year, the firm earned $0.50 earnings per share. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. equities research analysts anticipate that Corning Incorporated will post 1.67 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.41%. This is a positive change from Corning’s previous quarterly dividend of $0.16. The ex-dividend date is Tuesday, February 27th. Corning’s dividend payout ratio (DPR) is -105.88%.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the firm’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $32.42, for a total value of $1,675,335.92. Following the transaction, the insider now directly owns 136,032 shares of the company’s stock, valued at $4,410,157.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John A. Canning, Jr. acquired 30,000 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was acquired at an average cost of $29.60 per share, for a total transaction of $888,000.00. The disclosure for this purchase can be found here. 0.59% of the stock is currently owned by company insiders.
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Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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