Lido Advisors LLC increased its holdings in shares of Corning Inc. (NYSE:GLW) by 11.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,081 shares of the electronics maker’s stock after buying an additional 1,714 shares during the quarter. Lido Advisors LLC’s holdings in Corning were worth $546,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also modified their holdings of GLW. Motco lifted its position in shares of Corning by 150.4% in the fourth quarter. Motco now owns 3,538 shares of the electronics maker’s stock worth $113,000 after buying an additional 2,125 shares during the last quarter. Financial Advocates Investment Management acquired a new position in shares of Corning during the 4th quarter worth about $130,000. Valeo Financial Advisors LLC lifted its position in shares of Corning by 163.9% during the 4th quarter. Valeo Financial Advisors LLC now owns 4,991 shares of the electronics maker’s stock worth $160,000 after purchasing an additional 3,100 shares during the last quarter. Resources Investment Advisors Inc. lifted its position in shares of Corning by 611.0% during the 4th quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock worth $166,000 after purchasing an additional 4,460 shares during the last quarter. Finally, Bank of Nova Scotia Trust Co. acquired a new position in shares of Corning during the 3rd quarter worth about $163,000. Institutional investors and hedge funds own 72.86% of the company’s stock.
Corning stock traded down $0.91 during mid-day trading on Friday, hitting $26.55. 10,279,320 shares of the company’s stock were exchanged, compared to its average volume of 6,209,616. The company has a market capitalization of $23,545.66, a PE ratio of 15.44, a PEG ratio of 4.13 and a beta of 1.36. Corning Inc. has a fifty-two week low of $26.30 and a fifty-two week 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 released its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.02. The firm had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Corning had a positive return on equity of 11.63% and a negative net margin of 4.91%. The company’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 EPS. analysts predict that Corning Inc. will post 1.66 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th were issued a $0.18 dividend. This is a boost from Corning’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $0.72 annualized dividend and a dividend yield of 2.71%. Corning’s dividend payout ratio (DPR) is presently 41.86%.
GLW has been the subject of several research analyst reports. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research report on Tuesday, December 19th. Guggenheim restated a “buy” rating on shares of Corning in a research note on Tuesday, January 30th. Citigroup upped their price objective on Corning from $33.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. Oppenheimer reiterated a “hold” rating on shares of Corning in a research note on Wednesday, January 31st. Finally, Barclays set a $38.00 price target on Corning and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Two 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 company. The company presently has a consensus rating of “Hold” and a consensus price target of $31.22.
In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $29.90, for a total transaction of $29,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John A. Canning, Jr. acquired 30,000 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were bought at an average price of $29.60 per share, with a total value of $888,000.00. The disclosure for this purchase can be found here. 0.46% of the stock is owned by company insiders.
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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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