Public Sector Pension Investment Board lessened its stake in Corning Incorporated (NYSE:GLW) by 12.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 133,454 shares of the electronics maker’s stock after selling 18,460 shares during the quarter. Public Sector Pension Investment Board’s holdings in Corning were worth $3,885,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently made changes to their positions in the company. Manchester Financial Inc. purchased a new stake in Corning during the fourth quarter valued at approximately $25,000. TRUE Private Wealth Advisors bought a new stake in shares of Corning during the fourth quarter valued at approximately $25,000. NWK Group Inc. purchased a new position in shares of Corning in the fourth quarter worth $29,000. Robecosam AG lifted its holdings in shares of Corning by 6.3% in the fourth quarter. Robecosam AG now owns 850,000 shares of the electronics maker’s stock worth $29,000 after buying an additional 50,000 shares in the last quarter. Finally, Whitnell & Co. boosted its position in shares of Corning by 42.7% during the fourth quarter. Whitnell & Co. now owns 1,427 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 427 shares during the last quarter. 74.80% of the stock is currently owned by institutional investors.
Shares of Corning stock traded up $1.57 on Thursday, reaching $21.82. The stock had a trading volume of 661,875 shares, compared to its average volume of 9,227,962. The company has a quick ratio of 1.46, a current ratio of 2.12 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $15.40 billion, a P/E ratio of 21.17, a P/E/G ratio of 1.73 and a beta of 1.21. The company has a 50 day moving average price of $24.92 and a 200 day moving average price of $27.99. Corning Incorporated has a 1 year low of $17.44 and a 1 year high of $35.34.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.02. The firm had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.72 billion. Corning had a return on equity of 14.29% and a net margin of 8.35%. The firm’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.59 EPS. On average, analysts forecast that Corning Incorporated will post 1.53 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, February 28th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 4.03%. The ex-dividend date is Thursday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.20. Corning’s dividend payout ratio is currently 50.00%.
Several analysts have commented on the stock. ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, March 3rd. TheStreet cut Corning from a “b-” rating to a “c+” rating in a report on Monday, February 10th. Morgan Stanley lowered their price target on Corning from $33.00 to $26.00 and set an “equal weight” rating for the company in a research report on Thursday, March 19th. Finally, Susquehanna Bancshares reiterated a “hold” rating and set a $25.00 price objective on shares of Corning in a research report on Wednesday, January 29th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $31.45.
Corning Company Profile
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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