Suntrust Banks Inc. trimmed its holdings in Corning Incorporated (NYSE:GLW) by 0.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,022,487 shares of the electronics maker’s stock after selling 7,498 shares during the period. Suntrust Banks Inc. owned 0.12% of Corning worth $32,707,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Benjamin F. Edwards & Company Inc. grew its stake in 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 acquiring an additional 2,650 shares during the last quarter. Motco grew its stake in Corning by 150.4% in the 4th quarter. Motco now owns 3,538 shares of the electronics maker’s stock valued at $113,000 after acquiring an additional 2,125 shares during the last quarter. Cable Hill Partners LLC grew its stake in Corning by 1,041.3% in the 3rd quarter. Cable Hill Partners LLC now owns 5,273 shares of the electronics maker’s stock valued at $158,000 after acquiring an additional 4,811 shares during the last quarter. Valeo Financial Advisors LLC grew its stake in Corning by 163.9% in the 4th quarter. Valeo Financial Advisors LLC now owns 4,991 shares of the electronics maker’s stock valued at $160,000 after acquiring an additional 3,100 shares during the last quarter. Finally, Bank of Nova Scotia Trust Co. acquired a new stake in Corning in the 3rd quarter valued at about $163,000. 69.94% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director John A. Canning, Jr. acquired 30,000 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were acquired at an average cost of $29.60 per share, for a total transaction of $888,000.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Deborah Rieman sold 2,083 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total transaction of $66,989.28. Following the completion of the transaction, the director now owns 102,896 shares in the company, valued at approximately $3,309,135.36. The disclosure for this sale can be found here. Corporate insiders own 0.59% of the company’s stock.
Shares of Corning Incorporated (NYSE:GLW) traded up $0.24 during mid-day trading on Tuesday, hitting $29.71. 831,394 shares of the stock traded hands, compared to its average volume of 7,625,980. The stock has a market cap of $25,269.14, a price-to-earnings ratio of -37.91, a P/E/G ratio of 4.41 and a beta of 1.34. Corning Incorporated has a 1-year low of $26.32 and a 1-year high of $35.10. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.22 and a current ratio of 2.75.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.65 billion. Corning had a negative net margin of 4.91% and a positive return on equity of 11.63%. The company’s revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.50 EPS. equities analysts expect that Corning Incorporated will post 1.67 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be issued a dividend of $0.18 per share. This is a positive change from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Tuesday, February 27th. Corning’s dividend payout ratio is presently -79.49%.
A number of equities research analysts recently commented on the stock. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research note on Wednesday, January 31st. Guggenheim reaffirmed a “buy” rating on shares of Corning in a research note on Tuesday, January 30th. Citigroup raised their price target on shares of Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. Finally, Barclays set a $38.00 price target on shares of Corning and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus 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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