MetLife Investment Advisors LLC lowered its position in shares of Corning Incorporated (NYSE:GLW) by 2.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 261,533 shares of the electronics maker’s stock after selling 7,360 shares during the quarter. MetLife Investment Advisors LLC’s holdings in Corning were worth $7,292,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the stock. Susquehanna Fundamental Investments LLC acquired a new stake in Corning in the 1st quarter valued at approximately $1,313,000. CAMG Solamere Management LLC lifted its position in shares of Corning by 184.7% during the 1st quarter. CAMG Solamere Management LLC now owns 22,018 shares of the electronics maker’s stock worth $188,000 after buying an additional 14,284 shares during the period. Baker Avenue Asset Management LP lifted its position in shares of Corning by 3.2% during the 1st quarter. Baker Avenue Asset Management LP now owns 116,486 shares of the electronics maker’s stock worth $3,248,000 after buying an additional 3,656 shares during the period. InterOcean Capital LLC bought a new position in Corning in the 1st quarter valued at $299,000. Finally, Rampart Investment Management Company LLC raised its position in Corning by 1,179.7% in the 1st quarter. Rampart Investment Management Company LLC now owns 154,715 shares of the electronics maker’s stock valued at $4,313,000 after purchasing an additional 142,625 shares during the last quarter. Institutional investors and hedge funds own 70.06% of the company’s stock.
Several equities analysts have issued reports on GLW shares. Morgan Stanley upgraded Corning from an “equal weight” rating to an “overweight” rating in a research report on Thursday, May 31st. Guggenheim set a $35.00 price objective on Corning and gave the stock a “buy” rating in a research note on Thursday, May 10th. JPMorgan Chase & Co. initiated coverage on Corning in a research note on Thursday, May 3rd. They issued a “neutral” rating and a $33.00 target price for the company. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Thursday, April 26th. Finally, Citigroup dropped their target price on Corning from $35.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, March 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $31.70.
Shares of Corning opened at $27.51 on Friday, MarketBeat reports. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.56 and a quick ratio of 1.95. The stock has a market cap of $22.41 billion, a price-to-earnings ratio of 15.99, a price-to-earnings-growth ratio of 3.92 and a beta of 1.34. Corning Incorporated has a 1-year low of $26.11 and a 1-year high of $35.10.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 24th. The electronics maker reported $0.31 earnings per share (EPS) 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 business had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter in the previous year, the business earned $0.36 EPS. The company’s quarterly revenue was up 5.3% on a year-over-year basis. sell-side analysts forecast that Corning Incorporated will post 1.72 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 29th. Investors of record on Thursday, May 3rd were issued a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, May 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.62%. Corning’s dividend payout ratio (DPR) is presently 41.86%.
In related news, insider David L. Morse sold 33,000 shares of the company’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $28.81, for a total value of $950,730.00. Following the completion of the transaction, the insider now directly owns 46,953 shares in the company, valued at $1,352,715.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 224,884 shares of the company’s stock in a transaction on Friday, June 8th. The stock was sold at an average price of $28.71, for a total transaction of $6,456,419.64. Following the completion of the transaction, the chief executive officer now owns 111,835 shares of the company’s stock, valued at $3,210,782.85. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.
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.
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