GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in Corning Incorporated (NYSE:GLW – Get Rating) in the 4th quarter, Holdings Channel reports. The firm acquired 8,500 shares of the electronics maker’s stock, valued at approximately $316,000.
Other institutional investors have also modified their holdings of the company. PFS Investments Inc. boosted its position in shares of Corning by 11.7% during the fourth quarter. PFS Investments Inc. now owns 445,760 shares of the electronics maker’s stock worth $16,596,000 after buying an additional 46,711 shares during the period. Eagle Asset Management Inc. purchased a new position in shares of Corning during the fourth quarter worth $22,117,000. Sequoia Financial Advisors LLC purchased a new position in shares of Corning during the fourth quarter worth $255,000. Cornerstone Capital Inc. boosted its position in shares of Corning by 10.2% during the fourth quarter. Cornerstone Capital Inc. now owns 469,831 shares of the electronics maker’s stock worth $17,492,000 after buying an additional 43,627 shares during the period. Finally, Mission Wealth Management LP boosted its position in shares of Corning by 4.3% during the fourth quarter. Mission Wealth Management LP now owns 11,996 shares of the electronics maker’s stock worth $447,000 after buying an additional 495 shares during the period. Institutional investors own 68.71% of the company’s stock.
In other news, VP Robert P. France sold 2,190 shares of Corning stock in a transaction that occurred on Wednesday, April 20th. The shares were sold at an average price of $35.03, for a total transaction of $76,715.70. Following the completion of the sale, the vice president now directly owns 30,000 shares in the company, valued at approximately $1,050,900. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Michael Alan Bell sold 12,529 shares of Corning stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $36.24, for a total transaction of $454,050.96. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by insiders.
Corning (NYSE:GLW – Get Rating) last released its quarterly earnings results on Tuesday, April 26th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.04. Corning had a return on equity of 21.56% and a net margin of 13.05%. The firm had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the company posted $0.45 earnings per share. The business’s revenue was up 14.7% on a year-over-year basis. As a group, analysts forecast that Corning Incorporated will post 2.36 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 29th. Shareholders of record on Tuesday, May 31st will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend is Friday, May 27th. Corning’s dividend payout ratio is presently 86.40%.
Several analysts have recently issued reports on the company. Zacks Investment Research upgraded Corning from a “sell” rating to a “hold” rating and set a $45.00 price objective on the stock in a research note on Monday, January 31st. Bank of America reduced their price objective on Corning from $48.00 to $45.00 in a research note on Tuesday, January 25th. Citigroup reduced their price objective on Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Thursday, January 27th. The Goldman Sachs Group reiterated a “buy” rating and issued a $50.00 price objective on shares of Corning in a research note on Friday, March 11th. Finally, Susquehanna Bancshares upgraded Corning from a “neutral” rating to a “positive” rating and increased their price objective for the company from $38.00 to $50.00 in a research note on Friday, January 28th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $46.00.
About Corning (Get Rating)
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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