Mitsubishi UFJ Trust & Banking Corp lowered its stake in Corning Incorporated (NYSE:GLW) by 3.8% during the first quarter, Holdings Channel reports. The firm owned 1,994,856 shares of the electronics maker’s stock after selling 79,856 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.22% of Corning worth $53,861,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Dodge & Cox bought a new position in shares of Corning during the fourth quarter valued at $759,279,000. Norges Bank bought a new position in shares of Corning during the fourth quarter valued at $265,739,000. Wedge Capital Management L L P NC bought a new position in shares of Corning during the first quarter valued at $58,813,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of Corning during the fourth quarter valued at $50,858,000. Finally, Janus Capital Management LLC raised its position in shares of Corning by 136.5% in the fourth quarter. Janus Capital Management LLC now owns 3,530,608 shares of the electronics maker’s stock valued at $85,688,000 after buying an additional 2,037,961 shares during the last quarter. 73.62% of the stock is currently owned by hedge funds and other institutional investors.
Corning Incorporated (GLW) opened at 29.41 on Friday. The company has a market cap of $27.06 billion, a PE ratio of 7.80 and a beta of 1.37. Corning Incorporated has a 12-month low of $18.88 and a 12-month high of $29.90. The stock has a 50 day moving average of $29.19 and a 200-day moving average of $26.95. Corning also saw unusually large options trading on Thursday. Stock investors bought 20,779 call options on the stock. This is an increase of approximately 404% compared to the average daily volume of 4,120 call options.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 25th. The electronics maker reported $0.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.04. Corning had a return on equity of 11.25% and a net margin of 42.69%. The company had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the previous year, the firm earned $0.28 earnings per share. Corning’s revenue was up 16.0% on a year-over-year basis. On average, equities research analysts anticipate that Corning Incorporated will post $1.73 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Wednesday, May 31st will be issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Friday, May 26th. Corning’s payout ratio is 16.89%.
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Several equities analysts have recently weighed in on the stock. Susquehanna Bancshares Inc reissued a “positive” rating and issued a $33.00 price objective (up from $32.00) on shares of Corning in a research report on Wednesday, April 26th. Jefferies Group LLC increased their price objective on shares of Corning from $24.50 to $27.50 and gave the company a “hold” rating in a research report on Friday, April 28th. Stifel Nicolaus reissued a “hold” rating and issued a $26.00 price objective on shares of Corning in a research report on Wednesday, April 12th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Zacks Investment Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Thursday, April 27th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $27.13.
In other Corning news, VP Eric S. Musser sold 23,236 shares of the company’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $29.12, for a total value of $676,632.32. Following the completion of the sale, the vice president now owns 63,040 shares of the company’s stock, valued at $1,835,724.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 41,075 shares of the company’s stock in a transaction that occurred on Wednesday, April 26th. The stock was sold at an average price of $28.46, for a total value of $1,168,994.50. The disclosure for this sale can be found here. Insiders have sold 457,433 shares of company stock valued at $13,393,083 in the last three months. 0.59% of the stock is owned by insiders.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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