Legacy Capital Partners Inc. Takes $211,000 Position in Corning Incorporated (GLW)
Legacy Capital Partners Inc. purchased a new stake in shares of Corning Incorporated (NYSE:GLW) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 6,589 shares of the electronics maker’s stock, valued at approximately $211,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of GLW. Jennison Associates LLC bought a new position in Corning during the 3rd quarter valued at $275,460,000. Janus Henderson Group PLC boosted its stake in Corning by 17.0% during the 3rd quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock valued at $205,899,000 after purchasing an additional 999,912 shares in the last quarter. FMR LLC boosted its stake in Corning by 160.5% during the 2nd quarter. FMR LLC now owns 1,595,315 shares of the electronics maker’s stock valued at $47,939,000 after purchasing an additional 982,864 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake in Corning by 236.4% during the 2nd quarter. Lord Abbett & CO. LLC now owns 1,379,532 shares of the electronics maker’s stock valued at $41,455,000 after purchasing an additional 969,488 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its stake in Corning by 24.9% during the 3rd quarter. Neuberger Berman Group LLC now owns 3,044,997 shares of the electronics maker’s stock valued at $91,106,000 after purchasing an additional 606,637 shares in the last quarter. 72.11% of the stock is owned by hedge funds and other institutional investors.
GLW has been the subject of a number of research reports. Guggenheim reaffirmed a “buy” rating and set a $35.00 price target on shares of Corning in a research note on Tuesday, October 24th. Zacks Investment Research lowered Corning from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Citigroup increased their price target on Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Deutsche Bank increased their price target on Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Finally, Barclays set a $38.00 price target on Corning and gave the company a “buy” rating in a research note on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Corning has an average rating of “Hold” and an average target price of $31.47.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.02. The business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.65 billion. Corning had a positive return on equity of 11.62% and a negative net margin of 4.91%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same period last year, the company posted $0.50 EPS. research analysts anticipate that Corning Incorporated will post 1.67 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be paid a dividend of $0.18 per share. The ex-dividend date is Tuesday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 2.50%. Corning’s dividend payout ratio (DPR) is currently -79.49%.
In other news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the firm’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the completion of the sale, the insider now directly owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Deborah Rieman sold 2,083 shares of the firm’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total value of $66,989.28. Following the sale, the director now directly owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The disclosure for this sale can be found here. Company insiders own 0.59% of the company’s stock.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.