643,208 Shares in Corning Incorporated (GLW) Acquired by Calamos Advisors LLC
Calamos Advisors LLC acquired a new stake in Corning Incorporated (NYSE:GLW) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 643,208 shares of the company’s stock, valued at approximately $15,611,000.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Corning during the third quarter valued at approximately $2,258,000. Emerald Acquisition Ltd. acquired a new position in shares of Corning during the second quarter valued at approximately $133,993,000. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Corning by 0.8% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,252,803 shares of the company’s stock valued at $53,279,000 after buying an additional 17,016 shares during the last quarter. Yacktman Asset Management LP raised its position in shares of Corning by 0.6% in the second quarter. Yacktman Asset Management LP now owns 3,373,580 shares of the company’s stock valued at $69,091,000 after buying an additional 20,796 shares during the last quarter. Finally, UBS Oconnor LLC raised its position in shares of Corning by 40.6% in the third quarter. UBS Oconnor LLC now owns 636,550 shares of the company’s stock valued at $15,054,000 after buying an additional 183,720 shares during the last quarter. 76.84% of the stock is owned by institutional investors.
Shares of Corning Incorporated (NYSE:GLW) opened at 27.71 on Friday. The company has a market cap of $25.72 billion, a P/E ratio of 8.58 and a beta of 1.36. The firm has a 50-day moving average price of $25.67 and a 200 day moving average price of $23.91. Corning Incorporated has a 12 month low of $17.69 and a 12 month high of $27.88.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 24th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.44 by $0.06. Corning had a return on equity of 10.90% and a net margin of 39.35%. The firm had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter last year, the company earned $0.34 earnings per share. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. Equities analysts predict that Corning Incorporated will post $1.67 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Tuesday, February 28th will be paid a $0.155 dividend. The ex-dividend date of this dividend is Friday, February 24th. This represents a $0.62 annualized dividend and a dividend yield of 2.24%. This is an increase from Corning’s previous quarterly dividend of $0.14. Corning’s dividend payout ratio (DPR) is 16.67%.
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Several research analysts have recently commented on GLW shares. Wells Fargo & Company started coverage on Corning in a report on Wednesday, December 21st. They set a “market perform” rating for the company. Deutsche Bank AG boosted their price objective on Corning from $26.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, January 18th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $27.00 price objective on shares of Corning in a report on Friday, January 20th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Tuesday, November 29th. Finally, Goldman Sachs Group, Inc. (The) reissued a “buy” rating and set a $27.00 price objective on shares of Corning in a report on Wednesday, November 2nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $25.56.
In other news, insider James P. Clappin sold 94,303 shares of the firm’s stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $24.01, for a total value of $2,264,215.03. Following the transaction, the insider now owns 81,255 shares of the company’s stock, valued at $1,950,932.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Eric S. Musser sold 37,242 shares of the firm’s stock in a transaction dated Wednesday, January 25th. The stock was sold at an average price of $26.63, for a total value of $991,754.46. Following the completion of the transaction, the vice president now directly owns 41,687 shares in the company, valued at approximately $1,110,124.81. The disclosure for this sale can be found here. Insiders sold 542,876 shares of company stock worth $13,990,430 in the last ninety days. Corporate insiders own 0.60% of the company’s stock.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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