United Services Automobile Association boosted its position in Corning Incorporated (NYSE:GLW) by 8.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 334,516 shares of the electronics maker’s stock after buying an additional 25,190 shares during the period. United Services Automobile Association’s holdings in Corning were worth $9,032,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wealthfront Inc. raised its position in shares of Corning by 8.7% in the fourth quarter. Wealthfront Inc. now owns 23,755 shares of the electronics maker’s stock worth $577,000 after buying an additional 1,906 shares in the last quarter. Lincoln Capital Corp bought a new position in shares of Corning during the fourth quarter worth approximately $1,251,000. Dodge & Cox bought a new position in shares of Corning during the fourth quarter worth approximately $759,279,000. Vident Investment Advisory LLC raised its position in shares of Corning by 0.7% in the fourth quarter. Vident Investment Advisory LLC now owns 111,714 shares of the electronics maker’s stock worth $2,711,000 after buying an additional 787 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Corning during the fourth quarter worth approximately $265,739,000. 72.75% of the stock is owned by hedge funds and other institutional investors.
Shares of Corning Incorporated (GLW) traded down 1.65% during trading on Thursday, reaching $29.28. 10,426,863 shares of the company traded hands. The company has a 50 day moving average price of $30.34 and a 200 day moving average price of $28.34. The firm has a market capitalization of $26.45 billion, a price-to-earnings ratio of 56.31 and a beta of 1.40. Corning Incorporated has a 12-month low of $22.07 and a 12-month high of $32.17.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the prior year, the business posted $0.37 EPS. The business’s revenue was up 6.1% compared to the same quarter last year. On average, equities analysts predict that Corning Incorporated will post $1.71 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be paid a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a dividend yield of 2.12%. Corning’s payout ratio is 27.93%.
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A number of research analysts have recently commented on the stock. Drexel Hamilton reaffirmed a “sell” rating and set a $17.50 price objective on shares of Corning in a research report on Wednesday, July 26th. Jefferies Group LLC reissued a “hold” rating and issued a $27.50 target price on shares of Corning in a research note on Friday, July 14th. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 target price on the stock in a research note on Wednesday, June 28th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $27.81.
In other Corning news, insider Clark S. Kinlin sold 40,717 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the completion of the transaction, the insider now owns 72,707 shares in the company, valued at $2,153,581.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James P. Clappin sold 106,983 shares of the stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the transaction, the insider now owns 91,552 shares of the company’s stock, valued at approximately $2,677,896. The disclosure for this sale can be found here. In the last quarter, insiders sold 393,122 shares of company stock valued at $11,547,457. Company insiders own 0.59% of the company’s stock.
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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