Natixis Advisors L.P. raised its holdings in Corning Incorporated (NYSE:GLW – Free Report) by 5.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 101,322 shares of the electronics maker’s stock after buying an additional 5,616 shares during the period. Natixis Advisors L.P.’s holdings in Corning were worth $3,087,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its position in Corning by 6.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after buying an additional 490,638 shares during the period. California Public Employees Retirement System boosted its position in Corning by 9.2% in the 3rd quarter. California Public Employees Retirement System now owns 4,486,974 shares of the electronics maker’s stock valued at $136,718,000 after buying an additional 377,459 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new position in Corning in the 3rd quarter valued at approximately $731,000. Van ECK Associates Corp raised its holdings in shares of Corning by 87.8% in the 3rd quarter. Van ECK Associates Corp now owns 96,254 shares of the electronics maker’s stock valued at $2,933,000 after purchasing an additional 45,001 shares in the last quarter. Finally, Citigroup Inc. raised its holdings in shares of Corning by 10.9% in the 3rd quarter. Citigroup Inc. now owns 1,430,867 shares of the electronics maker’s stock valued at $43,599,000 after purchasing an additional 140,134 shares in the last quarter. Hedge funds and other institutional investors own 67.74% of the company’s stock.
Analysts Set New Price Targets
GLW has been the topic of a number of analyst reports. UBS Group raised their price objective on shares of Corning from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, January 11th. StockNews.com lowered shares of Corning from a “hold” rating to a “sell” rating in a report on Wednesday, February 14th. Barclays raised their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Finally, HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $32.88.
View Our Latest Research Report on Corning
Corning Price Performance
Shares of NYSE:GLW opened at $32.45 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The firm has a market capitalization of $27.70 billion, a P/E ratio of 48.43, a P/E/G ratio of 1.85 and a beta of 1.08. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The company’s fifty day moving average price is $31.32 and its 200 day moving average price is $30.20.
Corning (NYSE:GLW – Get Free Report) last posted its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting analysts’ consensus estimates of $0.39. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. Corning’s quarterly revenue was down 12.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.47 earnings per share. As a group, sell-side analysts predict that Corning Incorporated will post 1.86 earnings per share for the current fiscal year.
Corning Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.45%. Corning’s dividend payout ratio is presently 167.16%.
Insider Activity
In other news, Vice Chairman Lawrence D. Mcrae sold 18,200 shares of Corning stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $30.15, for a total value of $548,730.00. Following the sale, the insider now owns 205,258 shares of the company’s stock, valued at $6,188,528.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.40% of the company’s stock.
About Corning
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company’s Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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