World Asset Management Inc increased its position in Corning Incorporated (NYSE:GLW) by 4.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,094 shares of the electronics maker’s stock after buying an additional 2,820 shares during the period. World Asset Management Inc’s holdings in Corning were worth $2,097,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. grew its stake in shares of Corning by 1.1% in the 1st quarter. BlackRock Inc. now owns 53,814,951 shares of the electronics maker’s stock valued at $1,781,272,000 after buying an additional 597,213 shares during the period. Geode Capital Management LLC lifted its position in Corning by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 10,778,887 shares of the electronics maker’s stock valued at $325,210,000 after acquiring an additional 874,576 shares in the last quarter. FMR LLC lifted its position in Corning by 42.6% in the 1st quarter. FMR LLC now owns 9,490,362 shares of the electronics maker’s stock valued at $314,131,000 after acquiring an additional 2,837,072 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Corning by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,417,196 shares of the electronics maker’s stock valued at $254,263,000 after acquiring an additional 190,145 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in Corning by 5.2% in the 1st quarter. Janus Henderson Group PLC now owns 7,269,409 shares of the electronics maker’s stock valued at $240,618,000 after acquiring an additional 360,253 shares in the last quarter. Institutional investors own 70.67% of the company’s stock.
In other Corning news, VP Christine M. Pambianchi sold 194,960 shares of Corning stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total transaction of $6,207,526.40. Following the transaction, the vice president now owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.46% of the stock is owned by company insiders.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.01. Corning had a net margin of 18.57% and a return on equity of 15.02%. The firm had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter last year, the firm earned $0.38 EPS. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. On average, research analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.80 annualized dividend and a dividend yield of 2.59%. Corning’s dividend payout ratio is currently 44.94%.
Several equities analysts recently weighed in on GLW shares. Bank of America raised shares of Corning from a “neutral” rating to a “buy” rating and set a $32.31 price target on the stock in a research report on Wednesday, May 1st. Zacks Investment Research raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $36.55.
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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