Campbell & CO Investment Adviser LLC bought a new stake in Corning Incorporated (NYSE:GLW) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 15,290 shares of the electronics maker’s stock, valued at approximately $506,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Riverview Trust Co bought a new stake in Corning in the 4th quarter valued at $26,000. Sontag Advisory LLC acquired a new position in Corning in the 4th quarter valued at $29,000. Trustcore Financial Services LLC acquired a new position in Corning in the 1st quarter valued at $30,000. Athena Capital Advisors LLC acquired a new position in Corning in the 4th quarter valued at $33,000. Finally, Essex Savings Bank acquired a new position in Corning in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 70.59% of the company’s stock.
Several equities analysts have weighed in on the company. Zacks Investment Research cut Corning from a “hold” rating to a “sell” rating in a report on Tuesday, April 23rd. ValuEngine cut Corning from a “buy” rating to a “hold” rating in a report on Thursday, April 25th. Finally, Bank of America raised Corning from a “neutral” rating to a “buy” rating and set a $32.31 price target for the company in a report on Wednesday, May 1st. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $36.33.
GLW stock remained flat at $$33.23 during midday trading on Friday. The company had a trading volume of 5,431,789 shares, compared to its average volume of 4,622,970. The firm’s 50 day moving average is $30.77. Corning Incorporated has a twelve month low of $27.07 and a twelve month high of $36.56. The stock has a market capitalization of $26.14 billion, a P/E ratio of 18.67, a PEG ratio of 1.55 and a beta of 1.14. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.53.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. Corning had a return on equity of 15.02% and a net margin of 18.57%. The firm had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter in the previous year, the company posted $0.31 EPS. The business’s revenue was up 12.5% on a year-over-year basis. As a group, analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.80 annualized dividend and a dividend yield of 2.41%. Corning’s payout ratio is 44.94%.
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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