Municipal Employees Retirement System of Michigan boosted its stake in shares of Corning Inc. (NYSE:GLW) by 3.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 71,340 shares of the electronics maker’s stock after purchasing an additional 2,290 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Corning were worth $2,282,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in GLW. Levin Capital Strategies L.P. boosted its position in Corning by 465.8% during the 4th quarter. Levin Capital Strategies L.P. now owns 4,562,512 shares of the electronics maker’s stock worth $145,955,000 after acquiring an additional 3,756,170 shares during the period. Jennison Associates LLC boosted its position in Corning by 24.8% during the 4th quarter. Jennison Associates LLC now owns 11,491,434 shares of the electronics maker’s stock worth $367,611,000 after acquiring an additional 2,284,899 shares during the period. Janus Henderson Group PLC boosted its position in Corning by 17.0% during the 3rd quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after acquiring an additional 999,912 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Corning during the 4th quarter worth $19,831,000. Finally, Neuberger Berman Group LLC boosted its position in Corning by 24.9% during the 3rd quarter. Neuberger Berman Group LLC now owns 3,044,997 shares of the electronics maker’s stock worth $91,106,000 after acquiring an additional 606,637 shares during the period. Institutional investors and hedge funds own 72.86% of the company’s stock.
NYSE:GLW opened at $26.55 on Friday. The firm has a market cap of $23,545.66, a P/E ratio of 15.44, a price-to-earnings-growth ratio of 4.13 and a beta of 1.36. Corning Inc. has a 1-year low of $26.30 and a 1-year high of $35.10. The company has a current ratio of 2.75, a quick ratio of 2.22 and a debt-to-equity ratio of 0.35.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.02. The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.65 billion. Corning had a positive return on equity of 11.63% and a negative net margin of 4.91%. Corning’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.50 earnings per share. equities research analysts predict that Corning Inc. will post 1.66 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Wednesday, February 28th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.71%. This is a positive change from Corning’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Tuesday, February 27th. Corning’s payout ratio is presently 41.86%.
In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the business’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $29.90, for a total value of $29,900.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John A. Canning, Jr. bought 30,000 shares of the stock in a transaction on Wednesday, February 14th. The stock was purchased at an average price of $29.60 per share, for a total transaction of $888,000.00. The disclosure for this purchase can be found here. 0.46% of the stock is currently owned by insiders.
A number of brokerages have issued reports on GLW. Citigroup boosted their price target on Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, January 25th. Barclays set a $38.00 price objective on Corning and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Guggenheim reissued a “buy” rating and issued a $35.00 price objective on shares of Corning in a research note on Tuesday, December 12th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $36.00 price objective on the stock in a research note on Tuesday, December 19th. Finally, ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Corning has an average rating of “Hold” and an average price target of $31.22.
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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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