Cambridge Investment Research Advisors Inc. trimmed its position in shares of Corning Incorporated (NYSE:GLW – Free Report) by 0.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 208,035 shares of the electronics maker’s stock after selling 1,792 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Corning were worth $9,524,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the business. LMR Partners LLP raised its position in Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker’s stock worth $57,045,000 after purchasing an additional 700,442 shares during the period. Assetmark Inc. boosted its position in Corning by 101.5% during the fourth quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker’s stock valued at $51,000 after buying an additional 542 shares during the period. Gotham Asset Management LLC bought a new position in shares of Corning during the fourth quarter valued at about $306,000. Dynamic Advisor Solutions LLC increased its holdings in shares of Corning by 1.3% in the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker’s stock worth $1,024,000 after buying an additional 297 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in shares of Corning in the 4th quarter valued at about $8,996,000. 69.80% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Corning
In other Corning news, VP John Z. Zhang sold 8,000 shares of the business’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the sale, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is owned by corporate insiders.
Corning Price Performance
Corning (NYSE:GLW – Get Free Report) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 EPS. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.
Corning Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.18%. Corning’s dividend payout ratio is currently 215.38%.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on the company. Oppenheimer reduced their price target on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Bank of America increased their price objective on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Citigroup cut their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.75.
Check Out Our Latest Stock Report on Corning
Corning Profile
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. 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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