American International Group Inc. lessened its holdings in shares of Corning Inc. (NYSE:GLW) by 14.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 353,597 shares of the electronics maker’s stock after selling 59,183 shares during the period. American International Group Inc.’s holdings in Corning were worth $9,858,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the company. Jennison Associates LLC grew its holdings in shares of Corning by 24.8% during the fourth 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 last quarter. Lyrical Asset Management LP grew its holdings in shares of Corning by 2.5% during the fourth quarter. Lyrical Asset Management LP now owns 10,718,170 shares of the electronics maker’s stock worth $342,874,000 after purchasing an additional 258,334 shares during the last quarter. Levin Capital Strategies L.P. grew its holdings in shares of Corning by 465.8% during the fourth 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 last quarter. Wells Fargo & Company MN grew its holdings in shares of Corning by 2.6% during the fourth quarter. Wells Fargo & Company MN now owns 4,386,662 shares of the electronics maker’s stock worth $140,330,000 after purchasing an additional 111,926 shares during the last quarter. Finally, Schafer Cullen Capital Management Inc. grew its holdings in shares of Corning by 1.5% during the fourth quarter. Schafer Cullen Capital Management Inc. now owns 3,710,433 shares of the electronics maker’s stock worth $118,697,000 after purchasing an additional 56,074 shares during the last quarter. Institutional investors own 73.16% of the company’s stock.
In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.46% of the company’s stock.
Corning opened at $27.69 on Friday, Marketbeat Ratings reports. Corning Inc. has a 1-year low of $26.11 and a 1-year high of $35.10. The company has a current ratio of 2.56, a quick ratio of 1.95 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $23.11 billion, a price-to-earnings ratio of 16.10, a P/E/G ratio of 4.05 and a beta of 1.35.
Corning (NYSE:GLW) last released its earnings results on Tuesday, April 24th. The electronics maker reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.01. Corning had a positive return on equity of 11.66% and a negative net margin of 11.44%. The firm had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same quarter in the prior year, the firm posted $0.36 earnings per share. The company’s quarterly revenue was up 5.3% on a year-over-year basis. research analysts anticipate that Corning Inc. will post 1.72 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Thursday, May 3rd will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend is Wednesday, May 2nd. Corning’s payout ratio is 41.86%.
Several research firms recently issued reports on GLW. Oppenheimer reiterated a “hold” rating on shares of Corning in a report on Wednesday, January 31st. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Guggenheim reiterated a “buy” rating on shares of Corning in a report on Tuesday, January 30th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Thursday, April 26th. Finally, JPMorgan Chase began coverage on Corning in a report on Thursday, May 3rd. They issued a “neutral” rating and a $33.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $31.14.
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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