Tiemann Investment Advisors LLC lifted its position in shares of Corning Incorporated (NYSE:GLW) by 13.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 8,225 shares of the electronics maker’s stock after buying an additional 1,000 shares during the period. Tiemann Investment Advisors LLC’s holdings in Corning were worth $272,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. lifted its stake in shares of Corning by 1.1% during the first quarter. BlackRock Inc. now owns 53,814,951 shares of the electronics maker’s stock valued at $1,781,272,000 after buying an additional 597,213 shares during the period. Bank of New York Mellon Corp increased its position in Corning by 6.4% during the fourth quarter. Bank of New York Mellon Corp now owns 14,028,492 shares of the electronics maker’s stock worth $423,800,000 after purchasing an additional 838,808 shares during the last quarter. Geode Capital Management LLC increased its position in Corning by 8.8% during the fourth quarter. Geode Capital Management LLC now owns 10,778,887 shares of the electronics maker’s stock worth $325,210,000 after purchasing an additional 874,576 shares during the last quarter. Northern Trust Corp increased its position in Corning by 0.8% during the fourth quarter. Northern Trust Corp now owns 9,322,811 shares of the electronics maker’s stock worth $281,643,000 after purchasing an additional 76,977 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Corning by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 8,466,716 shares of the electronics maker’s stock worth $280,243,000 after purchasing an additional 49,520 shares during the last quarter. 70.64% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently commented on GLW shares. Zacks Investment Research lowered shares of Corning from a “hold” rating to a “sell” rating in a research report on Tuesday, April 23rd. Bank of America raised shares of Corning from a “neutral” rating to a “buy” rating and set a $32.31 price target for the company in a research report on Wednesday, May 1st. Finally, ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Thursday, April 25th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Corning currently has a consensus rating of “Buy” and a consensus target price of $35.41.
GLW stock traded down $0.84 on Friday, hitting $30.45. 143,902 shares of the company were exchanged, compared to its average volume of 4,130,532. Corning Incorporated has a twelve month low of $26.87 and a twelve month high of $36.56. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.36 and a current ratio of 2.08. The firm has a market capitalization of $24.55 billion, a price-to-earnings ratio of 17.12, a price-to-earnings-growth ratio of 1.63 and a beta of 1.14.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.40 EPS for the quarter, topping the consensus estimate of $0.39 by $0.01. Corning had a net margin of 18.57% and a return on equity of 15.02%. The firm had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.81 billion. During the same quarter in the prior year, the business posted $0.31 earnings per share. Corning’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, equities analysts forecast that Corning Incorporated will post 1.97 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.63%. The ex-dividend date is Thursday, May 30th. Corning’s payout ratio is currently 44.94%.
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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