Colony Group LLC trimmed its stake in Corning Incorporated (NYSE:GLW) by 1.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 169,220 shares of the electronics maker’s stock after selling 2,963 shares during the period. Colony Group LLC’s holdings in Corning were worth $4,926,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Advisors Asset Management Inc. raised its holdings in shares of Corning by 23.4% in the fourth quarter. Advisors Asset Management Inc. now owns 264,759 shares of the electronics maker’s stock worth $7,706,000 after buying an additional 50,138 shares during the last quarter. Raymond James & Associates increased its position in shares of Corning by 3.5% in the 4th quarter. Raymond James & Associates now owns 2,301,621 shares of the electronics maker’s stock valued at $67,000,000 after acquiring an additional 77,869 shares during the period. Voya Financial Advisors Inc. increased its position in shares of Corning by 10.1% in the 3rd quarter. Voya Financial Advisors Inc. now owns 37,601 shares of the electronics maker’s stock valued at $1,067,000 after acquiring an additional 3,454 shares during the period. TIAA FSB raised its stake in Corning by 22.6% in the 4th quarter. TIAA FSB now owns 48,384 shares of the electronics maker’s stock worth $1,408,000 after acquiring an additional 8,930 shares during the last quarter. Finally, Penserra Capital Management LLC raised its stake in Corning by 25.0% in the 3rd quarter. Penserra Capital Management LLC now owns 19,686 shares of the electronics maker’s stock worth $561,000 after acquiring an additional 3,937 shares during the last quarter. Hedge funds and other institutional investors own 74.80% of the company’s stock.
GLW opened at $20.25 on Thursday. Corning Incorporated has a 12-month low of $17.44 and a 12-month high of $35.34. The company has a current ratio of 2.12, a quick ratio of 1.46 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $15.27 billion, a PE ratio of 19.66, a P/E/G ratio of 1.73 and a beta of 1.21. The firm has a 50 day moving average of $24.92 and a two-hundred day moving average of $27.99.
Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. Corning had a net margin of 8.35% and a return on equity of 14.29%. The company had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.72 billion. During the same period last year, the firm posted $0.59 EPS. Corning’s revenue for the quarter was down 7.2% compared to the same quarter last year. As a group, analysts predict that Corning Incorporated will post 1.53 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, February 28th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 4.35%. Corning’s dividend payout ratio (DPR) is currently 50.00%.
A number of brokerages have commented on GLW. ValuEngine downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, March 3rd. Susquehanna Bancshares reissued a “hold” rating and issued a $25.00 price objective on shares of Corning in a report on Wednesday, January 29th. TheStreet cut Corning from a “b-” rating to a “c+” rating in a research note on Monday, February 10th. Finally, Morgan Stanley decreased their target price on Corning from $33.00 to $26.00 and set an “equal weight” rating for the company in a report on Thursday, March 19th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Corning presently has an average rating of “Hold” and an average price target of $31.45.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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