Skandinaviska Enskilda Banken AB publ raised its position in Corning Incorporated (NYSE:GLW) by 17.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 124,111 shares of the electronics maker’s stock after buying an additional 18,057 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Corning were worth $2,549,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the business. Guggenheim Capital LLC grew its position in shares of Corning by 6.4% during the 1st quarter. Guggenheim Capital LLC now owns 145,589 shares of the electronics maker’s stock valued at $2,991,000 after acquiring an additional 8,719 shares during the period. Optimal Asset Management Inc. grew its position in shares of Corning by 115.8% in the first quarter. Optimal Asset Management Inc. now owns 73,841 shares of the electronics maker’s stock valued at $1,517,000 after purchasing an additional 39,627 shares during the period. 1832 Asset Management L.P. grew its position in shares of Corning by 2,508.3% in the first quarter. 1832 Asset Management L.P. now owns 313,000 shares of the electronics maker’s stock valued at $6,697,000 after purchasing an additional 301,000 shares during the period. Bahl & Gaynor Inc. increased its stake in shares of Corning by 490.9% during the first quarter. Bahl & Gaynor Inc. now owns 136,350 shares of the electronics maker’s stock worth $2,800,000 after purchasing an additional 113,274 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Corning by 11.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 843,423 shares of the electronics maker’s stock worth $17,324,000 after purchasing an additional 83,276 shares during the last quarter. Institutional investors and hedge funds own 73.18% of the company’s stock.
Corning stock opened at $25.68 on Tuesday. Corning Incorporated has a 12-month low of $17.44 and a 12-month high of $34.26. The stock has a market cap of $19.34 billion, a P/E ratio of 80.25, a PEG ratio of 13.26 and a beta of 1.09. The company has a 50-day moving average price of $24.14 and a 200 day moving average price of $24.92. The company has a current ratio of 2.18, a quick ratio of 1.44 and a debt-to-equity ratio of 0.78.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 28th. The electronics maker reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.03. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. Corning had a net margin of 3.29% and a return on equity of 13.01%. Corning’s revenue was down 15.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.40 EPS. As a group, analysts forecast that Corning Incorporated will post 1.03 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date of this dividend is Thursday, May 28th. Corning’s dividend payout ratio is presently 50.00%.
A number of equities analysts have commented on GLW shares. Morgan Stanley increased their target price on Corning from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, June 10th. Susquehanna Bancshares reissued a “hold” rating and issued a $22.00 price objective on shares of Corning in a research note on Tuesday, April 28th. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research note on Tuesday, April 28th. JPMorgan Chase & Co. increased their target price on shares of Corning from $23.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, June 18th. Finally, Barclays downgraded shares of Corning from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $26.00 to $22.00 in a research note on Wednesday, April 29th. Eleven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $29.73.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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