Nordea Investment Management AB reduced its holdings in Corning Incorporated (NYSE:GLW) by 20.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 545,508 shares of the electronics maker’s stock after selling 140,083 shares during the period. Nordea Investment Management AB owned 0.07% of Corning worth $18,054,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in GLW. Allstate Corp increased its position in Corning by 1.5% in the 1st quarter. Allstate Corp now owns 111,454 shares of the electronics maker’s stock valued at $3,689,000 after acquiring an additional 1,613 shares during the period. GYL Financial Synergies LLC bought a new stake in shares of Corning in the 1st quarter valued at $602,000. Clearbridge Investments LLC boosted its stake in shares of Corning by 7.6% in the 1st quarter. Clearbridge Investments LLC now owns 81,045 shares of the electronics maker’s stock valued at $2,683,000 after purchasing an additional 5,750 shares during the last quarter. Meridian Wealth Management LLC bought a new stake in shares of Corning in the 1st quarter valued at $81,000. Finally, Thor Advisors LLC bought a new stake in shares of Corning in the 1st quarter valued at $35,000. Institutional investors own 70.59% of the company’s stock.
A number of equities research analysts have recently commented on the stock. ValuEngine raised shares of Zillow Group from a “hold” rating to a “buy” rating in a research note on Thursday. Bank of America reissued a “buy” rating and set a $105.00 target price (up from $100.00) on shares of Zendesk in a research note on Wednesday, May 1st. Finally, Zacks Investment Research lowered shares of Hersha Hospitality Trust from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $36.33.
Shares of GLW stock traded up $0.46 on Friday, hitting $33.01. The stock had a trading volume of 4,466,537 shares, compared to its average volume of 4,842,103. Corning Incorporated has a 12-month low of $27.67 and a 12-month high of $36.56. The company’s 50 day moving average is $31.65. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.36 and a current ratio of 2.08. The company has a market cap of $25.54 billion, a PE ratio of 18.54, a price-to-earnings-growth ratio of 1.52 and a beta of 1.20.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. The business had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.81 billion. Corning had a net margin of 18.57% and a return on equity of 15.02%. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.31 earnings per share. As a group, equities analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, May 31st were paid a $0.20 dividend. The ex-dividend date was Thursday, May 30th. This represents a $0.80 annualized dividend and a dividend yield of 2.42%. 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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