American International Group Inc. cut its holdings in shares of Corning Inc. (NYSE:GLW) by 14.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 353,597 shares of the electronics maker’s stock after selling 59,183 shares during the quarter. American International Group Inc.’s holdings in Corning were worth $9,858,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Motco lifted its holdings in shares of Corning by 150.4% during the fourth quarter. Motco now owns 3,538 shares of the electronics maker’s stock worth $113,000 after buying an additional 2,125 shares during the last quarter. Financial Advocates Investment Management acquired a new position in shares of Corning during the fourth quarter worth approximately $130,000. Bray Capital Advisors acquired a new position in shares of Corning during the first quarter worth approximately $132,000. Valeo Financial Advisors LLC lifted its holdings in shares of Corning by 163.9% during the fourth quarter. Valeo Financial Advisors LLC now owns 4,991 shares of the electronics maker’s stock worth $160,000 after buying an additional 3,100 shares during the last quarter. Finally, Resources Investment Advisors Inc. lifted its holdings in shares of Corning by 611.0% during the fourth quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock worth $166,000 after buying an additional 4,460 shares during the last quarter. Institutional investors own 73.16% of the company’s stock.
In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the company’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $29.90, for a total value of $29,900.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.46% of the company’s stock.
Shares of NYSE:GLW opened at $27.69 on Friday. Corning Inc. has a fifty-two week low of $26.11 and a fifty-two week high of $35.10. The firm has a market capitalization of $23.11 billion, a price-to-earnings ratio of 16.10, a P/E/G ratio of 4.05 and a beta of 1.35. The company has a current ratio of 2.56, a quick ratio of 1.95 and a debt-to-equity ratio of 0.39.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 24th. The electronics maker reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01. Corning had a positive return on equity of 11.66% and a negative net margin of 11.44%. The firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the prior year, the business posted $0.36 earnings per share. The business’s revenue was up 5.3% compared to the same quarter last year. research analysts predict that Corning Inc. will post 1.72 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Thursday, May 3rd will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend is Wednesday, May 2nd. Corning’s dividend payout ratio (DPR) is 41.86%.
Corning Company Profile
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Inc. (NYSE:GLW).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.