Corning Incorporated (GLW) Shares Bought by Sumitomo Mitsui Trust Holdings Inc.
Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Corning Incorporated (NYSE:GLW) by 0.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,132,458 shares of the electronics maker’s stock after purchasing an additional 699 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Corning were worth $103,684,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the business. Morgan Stanley increased its stake in shares of Corning by 10.4% during the third quarter. Morgan Stanley now owns 6,084,855 shares of the electronics maker’s stock valued at $214,795,000 after purchasing an additional 573,273 shares in the last quarter. Virtu Financial LLC increased its holdings in shares of Corning by 8.4% in the 4th quarter. Virtu Financial LLC now owns 11,489 shares of the electronics maker’s stock worth $347,000 after buying an additional 889 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Corning in the 4th quarter worth about $311,000. Cowen Prime Services LLC increased its holdings in shares of Corning by 43.5% in the 4th quarter. Cowen Prime Services LLC now owns 1,650 shares of the electronics maker’s stock worth $50,000 after buying an additional 500 shares during the last quarter. Finally, Sitrin Capital Management LLC increased its holdings in shares of Corning by 1.1% in the 4th quarter. Sitrin Capital Management LLC now owns 162,170 shares of the electronics maker’s stock worth $4,899,000 after buying an additional 1,727 shares during the last quarter. 71.80% of the stock is currently owned by institutional investors.
A number of analysts have recently weighed in on GLW shares. Zacks Investment Research downgraded shares of Corning from a “hold” rating to a “sell” rating in a report on Tuesday, April 23rd. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, January 29th. Finally, Bank of America raised shares of Corning from a “neutral” rating to a “buy” rating and set a $32.31 price target for the company in a research note on Wednesday, May 1st. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Corning has a consensus rating of “Buy” and a consensus price target of $35.41.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.40 EPS for the quarter, topping 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 analysts’ expectations of $2.81 billion. During the same period in the previous year, the company earned $0.31 EPS. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. Sell-side analysts forecast that Corning Incorporated will post 1.97 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.80 annualized dividend and a yield of 2.64%. Corning’s dividend payout ratio (DPR) is 44.94%.
In other Corning news, VP David L. Morse sold 36,664 shares of the business’s stock in a transaction dated 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 transaction was disclosed in a filing with the SEC, which is available through this link. 0.46% of the stock is owned by insiders.
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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