CCM Investment Advisers LLC purchased a new stake in shares of Corning Inc. (NYSE:GLW) during the 1st quarter, HoldingsChannel reports. The institutional investor purchased 186,324 shares of the electronics maker’s stock, valued at approximately $5,194,000.
Several other hedge funds have also recently bought and sold shares of GLW. Bank of Montreal Can raised its position in shares of Corning by 5.2% during the 4th quarter. Bank of Montreal Can now owns 1,132,000 shares of the electronics maker’s stock valued at $36,213,000 after acquiring an additional 55,959 shares in the last quarter. National Pension Service raised its position in shares of Corning by 1.4% during the 4th quarter. National Pension Service now owns 932,014 shares of the electronics maker’s stock valued at $29,815,000 after acquiring an additional 12,682 shares in the last quarter. Creative Planning raised its position in shares of Corning by 19.4% during the 4th quarter. Creative Planning now owns 180,072 shares of the electronics maker’s stock valued at $5,760,000 after acquiring an additional 29,264 shares in the last quarter. Spirit of America Management Corp NY raised its position in shares of Corning by 13.2% during the 4th quarter. Spirit of America Management Corp NY now owns 20,600 shares of the electronics maker’s stock valued at $659,000 after acquiring an additional 2,400 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Corning during the 4th quarter valued at approximately $397,000. 73.16% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Christine M. Pambianchi sold 1,000 shares of the stock in a transaction on Monday, March 12th. The stock was sold at an average price of $29.90, for a total value of $29,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.46% of the company’s stock.
Several equities research analysts recently issued reports on GLW shares. Guggenheim set a $35.00 price target on Corning and gave the company a “buy” rating in a research report on Thursday, May 10th. JPMorgan Chase started coverage on Corning in a research report on Thursday, May 3rd. They set a “neutral” rating and a $33.00 price target on the stock. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Thursday, April 26th. Finally, Citigroup lowered their price objective on Corning from $35.00 to $32.00 and set a “neutral” rating for the company in a research note on Friday, March 9th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $31.14.
Shares of Corning opened at $27.83 on Friday, according to MarketBeat.com. The firm has a market cap of $23.02 billion, a P/E ratio of 16.18, a P/E/G ratio of 4.03 and a beta of 1.35. The company has a quick ratio of 1.95, a current ratio of 2.56 and a debt-to-equity ratio of 0.39. Corning Inc. has a 12 month low of $27.73 and a 12 month high of $28.00.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 24th. The electronics maker reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.01. Corning had a positive return on equity of 11.66% and a negative net margin of 11.44%. The company had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same quarter in the prior year, the business posted $0.36 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. equities analysts forecast that Corning Inc. will post 1.72 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Thursday, May 3rd will be paid a $0.18 dividend. The ex-dividend date is Wednesday, May 2nd. This represents a $0.72 annualized dividend and a dividend yield of 2.59%. Corning’s payout ratio is 41.86%.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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