Stone Run Capital LLC maintained its stake in Corning Incorporated (NYSE:GLW) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 35,502 shares of the electronics maker’s stock at the end of the first quarter. Stone Run Capital LLC’s holdings in Corning were worth $958,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in GLW. Vanguard Group Inc. raised its stake in shares of Corning by 0.5% in the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock valued at $1,650,659,000 after buying an additional 326,877 shares during the period. BlackRock Inc. increased its position in Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after buying an additional 54,041,176 shares in the last quarter. Geode Capital Management LLC increased its position in Corning by 12.8% in the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock valued at $254,146,000 after buying an additional 1,071,544 shares in the last quarter. Morgan Stanley increased its position in Corning by 20.0% in the first quarter. Morgan Stanley now owns 8,748,204 shares of the electronics maker’s stock valued at $236,202,000 after buying an additional 1,456,304 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Corning by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 7,948,991 shares of the electronics maker’s stock valued at $214,656,000 after buying an additional 53,440 shares in the last quarter. Institutional investors own 73.87% of the company’s stock.
Corning Incorporated (GLW) traded up 0.04% on Friday, reaching $27.88. 5,178,017 shares of the company’s stock traded hands. Corning Incorporated has a 52 week low of $22.14 and a 52 week high of $32.17. The firm has a market capitalization of $25.18 billion, a P/E ratio of 12.45 and a beta of 1.40. The stock has a 50-day moving average of $30.00 and a 200 day moving average of $28.60.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same period in the previous year, the company earned $0.37 EPS. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities analysts expect that Corning Incorporated will post $1.71 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 2.22%. Corning’s dividend payout ratio (DPR) is currently 27.93%.
GLW has been the topic of several research reports. Drexel Hamilton raised their price target on shares of Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a research note on Wednesday, April 26th. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price on the stock in a research note on Monday, July 10th. Guggenheim reaffirmed a “buy” rating and set a $35.00 target price on shares of Corning in a research note on Tuesday. Deutsche Bank AG reaffirmed a “buy” rating and set a $33.00 target price (up from $30.00) on shares of Corning in a research note on Saturday, April 29th. Finally, Jefferies Group LLC lifted their target price on shares of Corning from $24.50 to $27.50 and gave the stock a “hold” rating in a research note on Friday, April 28th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $28.08.
In other news, CEO Wendell P. Weeks sold 153,500 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the sale, the chief executive officer now directly owns 76,750 shares in the company, valued at $2,270,265. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider James P. Clappin sold 106,983 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total value of $3,129,252.75. Following the sale, the insider now owns 91,552 shares in the company, valued at $2,677,896. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 357,700 shares of company stock valued at $10,519,405. Corporate 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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