Shufro Rose & Co. LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,565,025 shares of the electronics maker’s stock after selling 13,562 shares during the period. Corning comprises 5.2% of Shufro Rose & Co. LLC’s investment portfolio, making the stock its largest position. Shufro Rose & Co. LLC owned 0.20% of Corning worth $47,279,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of GLW. Bank of New York Mellon Corp raised its stake in Corning by 7.7% during the third quarter. Bank of New York Mellon Corp now owns 13,189,684 shares of the electronics maker’s stock valued at $465,596,000 after buying an additional 941,964 shares in the last quarter. Lyrical Asset Management LP raised its position in shares of Corning by 3.8% during the 3rd quarter. Lyrical Asset Management LP now owns 12,224,502 shares of the electronics maker’s stock valued at $160,385,000 after acquiring an additional 450,939 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Corning by 2.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,227,051 shares of the electronics maker’s stock valued at $290,419,000 after acquiring an additional 214,078 shares in the last quarter. Morgan Stanley raised its position in shares of Corning by 10.4% during the 3rd quarter. Morgan Stanley now owns 6,084,855 shares of the electronics maker’s stock valued at $214,795,000 after acquiring an additional 573,273 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in shares of Corning by 61.5% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 4,100,427 shares of the electronics maker’s stock valued at $144,745,000 after acquiring an additional 1,562,192 shares in the last quarter. Institutional investors and hedge funds own 71.51% of the company’s stock.
In other Corning news, insider David L. Morse sold 30,151 shares of the firm’s stock in a transaction dated Friday, November 30th. The shares were sold at an average price of $32.16, for a total transaction of $969,656.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Deborah Rieman sold 4,430 shares of the firm’s stock in a transaction that occurred on Friday, November 16th. The shares were sold at an average price of $32.30, for a total transaction of $143,089.00. The disclosure for this sale can be found here. Insiders sold 103,009 shares of company stock worth $3,330,247 in the last 90 days. 0.46% of the stock is owned by company insiders.
A number of brokerages have weighed in on GLW. Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating in a report on Thursday, December 6th. ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a report on Friday, January 4th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $35.50.
NYSE GLW traded down $0.06 during trading hours on Monday, hitting $33.33. The company had a trading volume of 402,876 shares, compared to its average volume of 6,312,795. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.12 and a quick ratio of 1.51. Corning Incorporated has a fifty-two week low of $26.11 and a fifty-two week high of $36.56. The firm has a market capitalization of $26.73 billion, a PE ratio of 18.72, a P/E/G ratio of 1.90 and a beta of 1.21.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.02. Corning had a net margin of 9.44% and a return on equity of 14.21%. The business had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. During the same quarter last year, the company earned $0.49 EPS. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. Equities research analysts expect that Corning Incorporated will post 2 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Thursday, February 28th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, February 27th. This represents a $0.80 annualized dividend and a dividend yield of 2.40%. This is a positive change from Corning’s previous quarterly dividend of $0.18. Corning’s dividend payout ratio (DPR) is presently 40.45%.
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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