Stratos Wealth Partners LTD. boosted its position in Corning Incorporated (NYSE:GLW) by 25.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,397 shares of the electronics maker’s stock after acquiring an additional 2,952 shares during the period. Stratos Wealth Partners LTD.’s holdings in Corning were worth $296,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. TIAA FSB lifted its stake in Corning by 22.6% in the fourth quarter. TIAA FSB now owns 48,384 shares of the electronics maker’s stock valued at $1,408,000 after buying an additional 8,930 shares during the period. Allred Capital Management LLC acquired a new position in Corning in the fourth quarter valued at about $76,000. DNB Asset Management AS lifted its stake in Corning by 11.6% in the fourth quarter. DNB Asset Management AS now owns 93,743 shares of the electronics maker’s stock valued at $2,729,000 after buying an additional 9,720 shares during the period. First Hawaiian Bank lifted its stake in Corning by 14.0% in the fourth quarter. First Hawaiian Bank now owns 44,033 shares of the electronics maker’s stock valued at $1,282,000 after buying an additional 5,405 shares during the period. Finally, Johanson Financial Advisors Inc. acquired a new position in Corning in the fourth quarter valued at about $651,000. Institutional investors and hedge funds own 74.89% of the company’s stock.
GLW has been the topic of several analyst reports. Susquehanna Bancshares reissued a “hold” rating and issued a $22.00 target price on shares of Corning in a research note on Tuesday, April 28th. TheStreet lowered Corning from a “b-” rating to a “c+” rating in a research note on Monday, February 10th. Morgan Stanley dropped their price target on Corning from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 7th. ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, March 3rd. Finally, Barclays lowered Corning from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $26.00 to $22.00 in a research report on Wednesday, April 29th. Eleven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $30.00.
Shares of Corning stock opened at $21.30 on Wednesday. The business’s 50 day simple moving average is $20.42 and its 200 day simple moving average is $26.14. Corning Incorporated has a 52-week low of $17.44 and a 52-week high of $34.26. The firm has a market cap of $16.45 billion, a PE ratio of 66.56, a P/E/G ratio of 11.28 and a beta of 1.09. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.44 and a current ratio of 2.18.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 28th. The electronics maker reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.03. Corning had a return on equity of 13.01% and a net margin of 3.29%. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter last year, the firm earned $0.40 EPS. Corning’s revenue for the quarter was down 15.0% compared to the same quarter last year. As a group, equities research analysts predict that Corning Incorporated will post 1.03 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend is Thursday, May 28th. Corning’s dividend payout ratio is presently 50.00%.
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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