Atria Investments LLC cut its position in Corning Incorporated (NYSE:GLW) by 29.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,322 shares of the electronics maker’s stock after selling 8,368 shares during the period. Atria Investments LLC’s holdings in Corning were worth $650,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently made changes to their positions in the company. GLG Partners LP purchased a new position in shares of Corning in the 2nd quarter valued at $102,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after buying an additional 2,650 shares during the last quarter. MPS Loria Financial Planners LLC purchased a new position in shares of Corning in the 2nd quarter valued at $112,000. IHT Wealth Management LLC grew its position in shares of Corning by 13.4% in the 2nd quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock valued at $165,000 after buying an additional 485 shares during the last quarter. Finally, Harfst & Associates Inc. grew its position in shares of Corning by 44.7% in the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after buying an additional 1,481 shares during the last quarter. 71.82% of the stock is currently owned by institutional investors.
Corning Incorporated (NYSE:GLW) traded up $0.28 during mid-day trading on Wednesday, hitting $29.52. 7,440,000 shares of the stock traded hands, compared to its average volume of 7,820,000. Corning Incorporated has a one year low of $26.32 and a one year high of $35.10. The firm has a market cap of $25,650.00, a PE ratio of -37.37, a PEG ratio of 4.30 and a beta of 1.34. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.75 and a quick ratio of 2.22.
Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.02. Corning had a negative net margin of 4.91% and a positive return on equity of 11.62%. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter last year, the business earned $0.50 EPS. The business’s revenue was up 7.4% on a year-over-year basis. equities research analysts forecast that Corning Incorporated will post 1.67 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Tuesday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.16. Corning’s dividend payout ratio (DPR) is -78.48%.
In other news, Director Deborah Rieman sold 2,083 shares of the firm’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total value of $66,989.28. Following the completion of the sale, the director now owns 102,896 shares in the company, valued at approximately $3,309,135.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the firm’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the completion of the sale, the insider now owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by company insiders.
GLW has been the topic of a number of recent analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $35.00 target price on shares of Corning in a research report on Tuesday, October 24th. Zacks Investment Research downgraded shares of Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. Citigroup raised their price objective on shares of Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Deutsche Bank raised their price objective on shares of Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Finally, Barclays set a $38.00 price objective on shares of Corning and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Corning has an average rating of “Hold” and a consensus price target of $31.47.
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Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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