Cambridge Investment Research Advisors Inc. Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Cambridge Investment Research Advisors Inc. trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 25.5% in the first quarter, Holdings Channel reports. The firm owned 179,393 shares of the electronics maker’s stock after selling 61,301 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Corning were worth $3,685,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GLW. Wealth Quarterback LLC purchased a new position in Corning in the fourth quarter valued at about $21,935,010,000. Hotchkis & Wiley Capital Management LLC grew its stake in shares of Corning by 11.9% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 19,919,567 shares of the electronics maker’s stock valued at $579,859,000 after buying an additional 2,120,941 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Corning by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 11,671,839 shares of the electronics maker’s stock valued at $339,054,000 after buying an additional 286,586 shares in the last quarter. Janus Henderson Group PLC lifted its position in Corning by 8.6% during the 4th quarter. Janus Henderson Group PLC now owns 10,665,734 shares of the electronics maker’s stock worth $310,479,000 after acquiring an additional 843,587 shares in the last quarter. Finally, Norges Bank acquired a new position in Corning during the 4th quarter worth approximately $232,539,000. Hedge funds and other institutional investors own 72.90% of the company’s stock.

GLW opened at $21.38 on Friday. The firm has a market cap of $16.22 billion, a price-to-earnings ratio of 66.81, a price-to-earnings-growth ratio of 11.13 and a beta of 1.09. Corning Incorporated has a fifty-two week low of $17.44 and a fifty-two week high of $34.26. The company’s 50-day moving average price is $20.49 and its 200 day moving average price is $25.66. The company has a quick ratio of 1.44, a current ratio of 2.18 and a debt-to-equity ratio of 0.78.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 28th. The electronics maker reported $0.20 EPS for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.03. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. Corning had a return on equity of 13.01% and a net margin of 3.29%. Corning’s quarterly revenue was down 15.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 earnings per share. Research analysts anticipate that Corning Incorporated will post 1.03 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, May 28th. This represents a $0.88 dividend on an annualized basis and a yield of 4.12%. Corning’s payout ratio is currently 50.00%.

A number of analysts have recently issued reports on the stock. TheStreet lowered shares of Corning from a “b-” rating to a “c+” rating in a research note on Monday, February 10th. Barclays downgraded shares of 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 note on Wednesday, April 29th. Morgan Stanley cut their price objective on shares of Corning from $26.00 to $24.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 7th. Susquehanna Bancshares restated a “hold” rating and set a $22.00 target price on shares of Corning in a research note on Tuesday, April 28th. Finally, Oppenheimer reiterated a “hold” rating on shares of Corning in a research note on Tuesday, April 28th. Eleven analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $30.00.

About Corning

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.

Further Reading: Earnings Per Share

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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