Zeke Capital Advisors LLC grew its holdings in Corning Inc. (NYSE:GLW) by 11.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 39,367 shares of the electronics maker’s stock after purchasing an additional 4,076 shares during the period. Zeke Capital Advisors LLC’s holdings in Corning were worth $1,259,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Levin Capital Strategies L.P. increased its holdings 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 purchasing an additional 3,756,170 shares during the period. Jennison Associates LLC increased its holdings 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 purchasing an additional 2,284,899 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Corning by 17.0% in the 3rd quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock valued at $205,899,000 after acquiring an additional 999,912 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Corning in the 4th quarter valued at about $19,831,000. Finally, Neuberger Berman Group LLC increased its holdings in shares of Corning by 24.9% in the 3rd quarter. Neuberger Berman Group LLC now owns 3,044,997 shares of the electronics maker’s stock valued at $91,106,000 after acquiring an additional 606,637 shares during the last quarter. 72.86% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on the company. Citigroup dropped their price objective on Corning from $35.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, March 9th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. TheStreet downgraded Corning from a “b-” rating to a “c+” rating in a research note on Wednesday, February 28th. Barclays set a $38.00 price target on Corning and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Finally, Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research report on Wednesday, January 31st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $31.22.
In other news, Director John A. Canning, Jr. bought 30,000 shares of Corning stock in a transaction that occurred on Wednesday, February 14th. The shares were purchased at an average price of $29.60 per share, for a total transaction of $888,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 disclosure for this sale can be found here. 0.46% of the stock is currently owned by company insiders.
Corning stock traded down $0.91 during mid-day trading on Friday, hitting $26.55. 10,279,320 shares of the company were exchanged, compared to its average volume of 6,209,616. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.22 and a current ratio of 2.75. The company has a market capitalization of $23,545.66, a price-to-earnings ratio of 15.44, a PEG ratio of 4.13 and a beta of 1.36. Corning Inc. has a 12-month low of $26.30 and a 12-month high of $35.10.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. Corning had a positive return on equity of 11.63% and a negative net margin of 4.91%. The business had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the previous year, the business earned $0.50 earnings per share. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. analysts forecast that Corning Inc. will post 1.66 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Wednesday, February 28th were issued a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $0.72 dividend on an annualized basis and a yield of 2.71%. This is a boost from Corning’s previous quarterly dividend of $0.16. Corning’s dividend payout ratio (DPR) is presently 41.86%.
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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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