Valeo Financial Advisors LLC lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 163.9% during the 4th quarter, HoldingsChannel.com reports. The fund owned 4,991 shares of the electronics maker’s stock after acquiring an additional 3,100 shares during the period. Valeo Financial Advisors LLC’s holdings in Corning were worth $160,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Ferris Capital LLC purchased a new position in shares of Corning during the 4th quarter worth about $253,000. Tower Research Capital LLC TRC raised its holdings in Corning by 59.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,957 shares of the electronics maker’s stock valued at $255,000 after buying an additional 2,967 shares during the period. UBS Asset Management Americas Inc. raised its holdings in Corning by 7.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 3,617,856 shares of the electronics maker’s stock valued at $115,735,000 after buying an additional 261,370 shares during the period. Levin Capital Strategies L.P. raised its holdings in Corning by 465.8% in the fourth quarter. Levin Capital Strategies L.P. now owns 4,562,512 shares of the electronics maker’s stock valued at $145,955,000 after buying an additional 3,756,170 shares during the period. Finally, Arizona State Retirement System raised its holdings in Corning by 4.6% in the fourth quarter. Arizona State Retirement System now owns 337,605 shares of the electronics maker’s stock valued at $10,800,000 after buying an additional 14,780 shares during the period. Institutional investors and hedge funds own 69.94% of the company’s stock.
Several research analysts recently commented on GLW shares. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a report on Tuesday, December 19th. Guggenheim restated a “buy” rating and issued a $35.00 price target on shares of Corning in a report on Tuesday, December 12th. Citigroup raised their price target on shares of Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Deutsche Bank raised their price target on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Finally, Barclays set a $38.00 price target on shares of Corning and gave the company a “buy” rating in a report on Wednesday, January 10th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $31.47.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.65 billion. Corning had a negative net margin of 4.91% and a positive return on equity of 11.63%. The business’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.50 earnings per share. sell-side analysts forecast that Corning Incorporated will post 1.67 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be given a dividend of $0.18 per share. The ex-dividend date is Tuesday, February 27th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.47%. This is an increase from Corning’s previous quarterly dividend of $0.16. Corning’s dividend payout ratio (DPR) is presently -91.18%.
In other Corning news, Director John A. Canning, Jr. acquired 30,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was purchased at an average price of $29.60 per share, with a total value of $888,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of Corning stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the completion of the transaction, the insider now directly owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by company insiders.
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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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