CIBC Asset Management Inc trimmed its holdings in shares of Corning Incorporated (NYSE:GLW – Get Rating) by 25.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,383 shares of the electronics maker’s stock after selling 36,524 shares during the quarter. CIBC Asset Management Inc’s holdings in Corning were worth $3,964,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in GLW. Norges Bank purchased a new stake in shares of Corning during the fourth quarter worth approximately $281,919,000. Envestnet Asset Management Inc. increased its position in shares of Corning by 77.1% during the first quarter. Envestnet Asset Management Inc. now owns 3,083,940 shares of the electronics maker’s stock worth $113,828,000 after purchasing an additional 1,342,976 shares in the last quarter. American Century Companies Inc. increased its position in shares of Corning by 26.9% during the fourth quarter. American Century Companies Inc. now owns 5,456,844 shares of the electronics maker’s stock worth $203,158,000 after purchasing an additional 1,157,290 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Corning by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock worth $531,311,000 after purchasing an additional 943,020 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its position in shares of Corning by 446.7% during the fourth quarter. Qube Research & Technologies Ltd now owns 960,041 shares of the electronics maker’s stock worth $35,742,000 after purchasing an additional 784,448 shares in the last quarter. 68.71% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, SVP John P. Bayne, Jr. sold 5,575 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $36.70, for a total transaction of $204,602.50. Following the transaction, the senior vice president now owns 7,345 shares of the company’s stock, valued at approximately $269,561.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.36% of the stock is owned by corporate insiders.
Corning Stock Performance
Corning (NYSE:GLW – Get Rating) last announced its quarterly earnings results on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.38% and a net margin of 13.73%. The business had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.79 billion. During the same quarter in the prior year, the company posted $0.53 EPS. The company’s quarterly revenue was up 7.4% on a year-over-year basis. Equities analysts forecast that Corning Incorporated will post 2.23 earnings per share for the current year.
Corning Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.02%. The ex-dividend date is Tuesday, August 30th. Corning’s payout ratio is 46.35%.
Analysts Set New Price Targets
Several analysts recently commented on the company. Barclays cut Corning from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $53.00 to $38.00 in a research report on Wednesday, May 11th. Morgan Stanley reiterated a “hold” rating and set a $40.00 price target on shares of Corning in a research report on Thursday, April 14th. UBS Group dropped their target price on Corning to $40.00 and set an “outperform” rating for the company in a report on Wednesday, July 27th. Susquehanna Bancshares dropped their target price on Corning from $48.00 to $46.00 and set a “positive” rating for the company in a report on Wednesday, July 27th. Finally, JPMorgan Chase & Co. dropped their target price on Corning from $45.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, July 14th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $42.80.
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 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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