BNP Paribas Arbitrage SA Acquires 83,091 Shares of Corning Incorporated (GLW)

BNP Paribas Arbitrage SA lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 24.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 428,899 shares of the electronics maker’s stock after purchasing an additional 83,091 shares during the period. BNP Paribas Arbitrage SA owned about 0.05% of Corning worth $11,958,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in GLW. Levin Capital Strategies L.P. grew its holdings in shares of Corning by 465.8% during the 4th quarter. Levin Capital Strategies L.P. now owns 4,562,512 shares of the electronics maker’s stock valued at $145,955,000 after purchasing an additional 3,756,170 shares during the last quarter. Criterion Capital Management LLC bought a new stake in Corning in the 1st quarter worth $26,256,000. BlackRock Inc. grew its holdings in Corning by 1.5% in the 1st quarter. BlackRock Inc. now owns 54,625,668 shares of the electronics maker’s stock worth $1,522,963,000 after acquiring an additional 803,539 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Corning in the 4th quarter worth $19,831,000. Finally, Inverness Counsel LLC NY grew its holdings in Corning by 149.4% in the 4th quarter. Inverness Counsel LLC NY now owns 968,235 shares of the electronics maker’s stock worth $30,974,000 after acquiring an additional 580,000 shares during the last quarter. 70.13% of the stock is currently owned by institutional investors.

In other news, VP Christine M. Pambianchi sold 1,000 shares of Corning stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $29.90, for a total transaction of $29,900.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.46% of the company’s stock.

GLW has been the topic of a number of recent analyst reports. Guggenheim set a $35.00 price target on shares of Corning and gave the stock a “buy” rating in a report on Thursday, May 10th. Zacks Investment Research raised shares of 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. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. TheStreet lowered shares of Corning from a “b-” rating to a “c+” rating in a report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. initiated coverage on shares of 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 given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Corning currently has an average rating of “Hold” and an average target price of $31.14.

Shares of GLW opened at $27.17 on Friday. The stock has a market cap of $22.20 billion, a PE ratio of 15.80, a P/E/G ratio of 3.93 and a beta of 1.35. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.95 and a current ratio of 2.56. Corning Incorporated has a 1-year low of $26.11 and a 1-year high of $35.10.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 24th. The electronics maker reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01. The firm had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. Corning had a negative net margin of 11.44% and a positive return on equity of 11.66%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.36 EPS. research analysts expect that Corning Incorporated will post 1.7 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Thursday, May 3rd will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Wednesday, May 2nd. Corning’s payout ratio is 41.86%.

Corning 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.

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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