Keybank National Association OH lessened its stake in Corning Incorporated (NYSE:GLW) by 4.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 89,340 shares of the electronics maker’s stock after selling 3,792 shares during the quarter. Keybank National Association OH’s holdings in Corning were worth $2,957,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of GLW. Vectors Research Management LLC boosted its holdings in shares of Corning by 16.5% during the 4th quarter. Vectors Research Management LLC now owns 2,120 shares of the electronics maker’s stock worth $64,000 after buying an additional 300 shares during the period. OLD Dominion Capital Management Inc. boosted its holdings in shares of Corning by 1.3% during the 4th quarter. OLD Dominion Capital Management Inc. now owns 24,928 shares of the electronics maker’s stock worth $753,000 after buying an additional 324 shares during the period. Huntington National Bank boosted its holdings in shares of Corning by 1.5% during the 4th quarter. Huntington National Bank now owns 23,045 shares of the electronics maker’s stock worth $696,000 after buying an additional 334 shares during the period. Clifford Swan Investment Counsel LLC boosted its holdings in shares of Corning by 3.9% during the 4th quarter. Clifford Swan Investment Counsel LLC now owns 8,938 shares of the electronics maker’s stock worth $270,000 after buying an additional 338 shares during the period. Finally, Scotia Capital Inc. boosted its holdings in shares of Corning by 0.4% during the 4th quarter. Scotia Capital Inc. now owns 83,258 shares of the electronics maker’s stock worth $2,515,000 after buying an additional 343 shares during the period. 70.97% of the stock is owned by institutional investors.
Shares of Corning stock opened at $29.70 on Friday. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.53. Corning Incorporated has a fifty-two week low of $26.23 and a fifty-two week high of $36.56. The firm has a market capitalization of $23.31 billion, a price-to-earnings ratio of 16.69, a P/E/G ratio of 1.58 and a beta of 1.12.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $2.81 billion. During the same period in the prior year, the firm earned $0.31 EPS. The business’s revenue was up 12.5% on a year-over-year basis. On average, equities research analysts expect that Corning Incorporated will post 1.97 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date is Thursday, May 30th. Corning’s dividend payout ratio (DPR) is presently 44.94%.
In other Corning news, VP David L. Morse sold 36,664 shares of the stock in a transaction on Monday, February 25th. The shares were sold at an average price of $35.00, for a total value of $1,283,240.00. Following the completion of the sale, the vice president now directly owns 47,527 shares of the company’s stock, valued at approximately $1,663,445. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.46% of the stock is owned by corporate insiders.
GLW has been the subject of several recent analyst reports. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, January 29th. Zacks Investment Research downgraded shares of Corning from a “hold” rating to a “sell” rating in a report on Tuesday, April 23rd. Finally, Bank of America raised shares of Corning from a “neutral” rating to a “buy” rating and set a $32.31 price objective for the company in a report on Wednesday, May 1st. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Corning currently has a consensus rating of “Buy” and a consensus target price of $35.41.
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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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