TCW Group Inc. lowered its position in shares of Corning Incorporated (NYSE:GLW) by 3.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,884,174 shares of the electronics maker’s stock after selling 197,434 shares during the quarter. Corning accounts for about 1.5% of TCW Group Inc.’s investment portfolio, making the stock its 14th biggest holding. TCW Group Inc. owned about 0.68% of Corning worth $188,235,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cetera Investment Advisers acquired a new position in shares of Corning in the second quarter valued at approximately $206,000. Intl Fcstone Inc. boosted its holdings in shares of Corning by 49.8% in the second quarter. Intl Fcstone Inc. now owns 17,435 shares of the electronics maker’s stock valued at $524,000 after buying an additional 5,793 shares during the period. Shell Asset Management Co. lifted its position in shares of Corning by 21.4% in the third quarter. Shell Asset Management Co. now owns 194,202 shares of the electronics maker’s stock worth $3,756,000 after purchasing an additional 34,273 shares in the last quarter. Mutual of America Capital Management LLC lifted its position in shares of Corning by 27.9% in the third quarter. Mutual of America Capital Management LLC now owns 245,701 shares of the electronics maker’s stock worth $7,351,000 after purchasing an additional 53,554 shares in the last quarter. Finally, Culbertson A N & Co. Inc. lifted its position in shares of Corning by 2.7% in the third quarter. Culbertson A N & Co. Inc. now owns 115,729 shares of the electronics maker’s stock worth $3,463,000 after purchasing an additional 3,070 shares in the last quarter. Hedge funds and other institutional investors own 72.94% of the company’s stock.
A number of analysts have recently commented on the stock. Oppenheimer reissued a “hold” rating on shares of Corning in a research report on Wednesday, January 31st. Citigroup boosted their price objective on shares of Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, January 25th. TheStreet lowered shares of Corning from a “b-” rating to a “c+” rating in a research report on Wednesday, February 28th. Guggenheim reaffirmed a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Tuesday, December 12th. Finally, ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $31.22.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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 business had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.65 billion. During the same period in the prior year, the company posted $0.50 earnings per share. Corning’s revenue was up 7.4% compared to the same quarter last year. research analysts anticipate that Corning Incorporated will post 1.67 EPS for the current fiscal year.
The company 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 dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.41%. This is an increase from Corning’s previous quarterly dividend of $0.16. The ex-dividend date is Tuesday, February 27th. Corning’s dividend payout ratio is presently -92.31%.
In other Corning news, Director Deborah Rieman sold 2,083 shares of the stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $32.16, for a total transaction of $66,989.28. Following the sale, the director now directly owns 102,896 shares in the company, valued at $3,309,135.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John A. Canning, Jr. acquired 30,000 shares of Corning stock in a transaction on Wednesday, February 14th. The shares were purchased at an average price of $29.60 per share, for a total transaction of $888,000.00. The disclosure for this purchase can be found here. Corporate insiders own 0.59% of the company’s stock.
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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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