Hanson & Doremus Investment Management grew its holdings in Corning Inc. (NYSE:GLW) by 8.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 188,671 shares of the electronics maker’s stock after acquiring an additional 14,525 shares during the period. Corning comprises about 1.6% of Hanson & Doremus Investment Management’s investment portfolio, making the stock its 9th biggest position. Hanson & Doremus Investment Management’s holdings in Corning were worth $5,260,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. 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 valued at $113,000 after acquiring an additional 2,125 shares in the last quarter. Financial Advocates Investment Management purchased a new position in shares of Corning in the fourth quarter valued at about $130,000. Bray Capital Advisors purchased a new stake in shares of Corning in the first quarter worth about $132,000. Valeo Financial Advisors LLC lifted its position in shares of Corning by 163.9% in the fourth quarter. Valeo Financial Advisors LLC now owns 4,991 shares of the electronics maker’s stock worth $160,000 after buying an additional 3,100 shares in the last quarter. Finally, Resources Investment Advisors Inc. lifted its position in shares of Corning by 611.0% in the fourth quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock worth $166,000 after buying an additional 4,460 shares in the last quarter. Institutional investors and hedge funds own 70.13% of the company’s stock.
A number of equities research analysts recently commented on GLW shares. Citigroup boosted their target price on Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, January 25th. Guggenheim reiterated a “buy” rating on shares of Corning in a research report on Tuesday, January 30th. Oppenheimer reiterated a “hold” rating on shares of Corning in a research report on Wednesday, January 31st. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, TheStreet downgraded Corning from a “b-” rating to a “c+” rating in a research report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $31.14.
In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The stock was 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 SEC, which can be accessed through the SEC website. Corporate insiders own 0.46% of the company’s stock.
Shares of GLW stock opened at $27.77 on Thursday. 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 company has a market cap of $22.95 billion, a price-to-earnings ratio of 16.15, a P/E/G ratio of 4.06 and a beta of 1.35.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 24th. The electronics maker reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same period in the prior year, the business posted $0.36 earnings per share. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. equities research analysts anticipate that Corning Inc. will post 1.7 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Thursday, May 3rd will be given a dividend of $0.18 per share. The ex-dividend date is Wednesday, May 2nd. This represents a $0.72 dividend on an annualized basis and a yield of 2.59%. Corning’s dividend payout ratio (DPR) is presently 41.86%.
Corning Company Profile
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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