State Farm Mutual Automobile Insurance Co. held its position in Corning Incorporated (NYSE:GLW) during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 18,026,300 shares of the electronics maker’s stock at the end of the first quarter. State Farm Mutual Automobile Insurance Co. owned 1.96% of Corning worth $486,710,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dodge & Cox purchased a new position in Corning during the fourth quarter valued at $759,279,000. Norges Bank purchased a new position in Corning during the fourth quarter valued at $265,739,000. Wedge Capital Management L L P NC purchased a new position in Corning during the first quarter valued at $58,813,000. SG Americas Securities LLC raised its position in Corning by 127.9% in the first quarter. SG Americas Securities LLC now owns 329,209 shares of the electronics maker’s stock valued at $8,889,000 after buying an additional 1,510,245 shares in the last quarter. Finally, CIBC World Markets Inc. raised its position in Corning by 575.1% in the first quarter. CIBC World Markets Inc. now owns 1,711,673 shares of the electronics maker’s stock valued at $46,215,000 after buying an additional 1,458,114 shares in the last quarter. Institutional investors own 72.68% of the company’s stock.
Shares of Corning Incorporated (GLW) opened at 31.71 on Friday. The company has a market cap of $29.18 billion, a P/E ratio of 8.41 and a beta of 1.41. The stock’s 50 day moving average is $30.10 and its 200-day moving average is $27.97. Corning Incorporated has a one year low of $20.76 and a one year high of $31.77. Corning also saw some unusual options trading activity on Tuesday. Stock investors bought 12,793 call options on the stock. This is an increase of approximately 429% compared to the typical volume of 2,417 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, beating the consensus estimate of $0.35 by $0.04. The company had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Corning had a net margin of 42.69% and a return on equity of 11.25%. Corning’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.28 earnings per share. Equities research analysts forecast that Corning Incorporated will post $1.73 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be paid a dividend of $0.155 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 1.96%. Corning’s dividend payout ratio is currently 16.89%.
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A number of research analysts recently commented on the stock. Citigroup Inc. lowered shares of Corning from a “buy” rating to a “neutral” rating and upped their price target for the company from $28.00 to $29.00 in a research note on Friday, March 31st. Stifel Nicolaus reiterated a “hold” rating and issued a $28.00 price target on shares of Corning in a research note on Wednesday, April 19th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target on the stock in a research note on Monday, July 10th. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $33.00 price target (up previously from $30.00) on shares of Corning in a research note on Saturday, April 29th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $27.68.
In related news, CEO Wendell P. Weeks sold 41,075 shares of the business’s stock in a transaction that occurred on Wednesday, April 26th. The shares were sold at an average price of $28.46, for a total transaction of $1,168,994.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lewis A. Steverson sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $29.00, for a total transaction of $870,000.00. Following the transaction, the insider now directly owns 3,859 shares of the company’s stock, valued at approximately $111,911. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 457,433 shares of company stock valued at $13,393,083. 0.59% of the stock is owned by corporate 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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