Financial Gravity Wealth Inc. bought a new stake in shares of Corning Incorporated (NYSE:GLW) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 2,325 shares of the electronics maker’s stock, valued at approximately $79,000.
Several other institutional investors have also added to or reduced their stakes in the company. Eqis Capital Management Inc. boosted its stake in shares of Corning by 3.1% during the 1st quarter. Eqis Capital Management Inc. now owns 32,620 shares of the electronics maker’s stock valued at $1,080,000 after buying an additional 984 shares during the last quarter. Pennsylvania Trust Co lifted its stake in Corning by 1.3% during the first quarter. Pennsylvania Trust Co now owns 96,585 shares of the electronics maker’s stock worth $3,197,000 after purchasing an additional 1,200 shares during the last quarter. IFM Investors Pty Ltd lifted its stake in Corning by 8.3% during the first quarter. IFM Investors Pty Ltd now owns 51,815 shares of the electronics maker’s stock worth $1,715,000 after purchasing an additional 3,990 shares during the last quarter. Winfield Associates Inc. lifted its stake in Corning by 11.0% during the first quarter. Winfield Associates Inc. now owns 23,065 shares of the electronics maker’s stock worth $763,000 after purchasing an additional 2,290 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC bought a new position in Corning during the first quarter worth $63,000. Institutional investors own 72.08% of the company’s stock.
Several equities analysts recently issued reports on the company. Zacks Investment Research restated a “buy” rating and set a $33.00 price objective on shares of Corning in a research note on Monday, December 31st. ValuEngine cut Corning from a “buy” rating to a “hold” rating in a research note on Friday, January 4th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $35.50.
GLW stock opened at $34.85 on Monday. The company has a current ratio of 2.12, a quick ratio of 1.51 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $27.36 billion, a price-to-earnings ratio of 19.58, a P/E/G ratio of 1.98 and a beta of 1.16. Corning Incorporated has a 1 year low of $26.11 and a 1 year high of $36.56.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The company had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. Corning had a return on equity of 14.21% and a net margin of 9.44%. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period last year, the business posted $0.49 earnings per share. As a group, analysts predict that Corning Incorporated will post 2 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, February 28th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.30%. This is a boost from Corning’s previous quarterly dividend of $0.18. The ex-dividend date was Wednesday, February 27th. Corning’s dividend payout ratio (DPR) is presently 44.94%.
In other news, VP David L. Morse sold 36,664 shares of the firm’s stock in a transaction on Monday, February 25th. The stock was sold at an average price of $35.00, for a total transaction of $1,283,240.00. Following the transaction, the vice president now directly owns 47,527 shares of the company’s stock, valued at $1,663,445. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Eric S. Musser sold 33,023 shares of the firm’s stock in a transaction on Friday, February 15th. The shares were sold at an average price of $34.29, for a total value of $1,132,358.67. Following the transaction, the vice president now directly owns 61,944 shares in the company, valued at $2,124,059.76. The disclosure for this sale can be found here. Insiders sold 328,767 shares of company stock worth $11,162,588 over the last quarter. 0.46% of the stock is currently owned by company insiders.
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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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