Patten Group Inc. Has $1.47 Million Holdings in Corning Incorporated (NYSE:GLW)
Patten Group Inc. raised its stake in Corning Incorporated (NYSE:GLW) by 15.7% during the first quarter, HoldingsChannel reports. The firm owned 44,462 shares of the electronics maker’s stock after purchasing an additional 6,030 shares during the quarter. Patten Group Inc.’s holdings in Corning were worth $1,472,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of GLW. Oregon Public Employees Retirement Fund raised its position in Corning by 3,727.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,633,848 shares of the electronics maker’s stock valued at $319,000 after purchasing an additional 9,382,148 shares in the last quarter. Norges Bank acquired a new stake in shares of Corning during the 4th quarter worth about $237,310,000. Millennium Management LLC raised its position in shares of Corning by 2,813.1% during the 4th quarter. Millennium Management LLC now owns 3,329,159 shares of the electronics maker’s stock worth $100,574,000 after acquiring an additional 3,214,878 shares in the last quarter. FMR LLC raised its position in shares of Corning by 80.6% during the 4th quarter. FMR LLC now owns 6,653,290 shares of the electronics maker’s stock worth $200,997,000 after acquiring an additional 2,969,394 shares in the last quarter. Finally, Two Sigma Advisers LP raised its position in shares of Corning by 8,775.8% during the 4th quarter. Two Sigma Advisers LP now owns 2,306,385 shares of the electronics maker’s stock worth $69,676,000 after acquiring an additional 2,280,400 shares in the last quarter. 70.64% of the stock is currently owned by institutional investors.
Several equities research analysts have recently weighed in on GLW shares. Zacks Investment Research lowered Corning from a “hold” rating to a “sell” rating in a research report on Tuesday, April 23rd. Bank of America raised Corning from a “neutral” rating to a “buy” rating and set a $32.31 target price on the stock in a research report on Wednesday, May 1st. Finally, ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a research report on Thursday, April 25th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $35.41.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.01. Corning had a return on equity of 15.02% and a net margin of 18.57%. The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter last year, the company earned $0.31 EPS. The business’s quarterly revenue was up 12.5% on a year-over-year basis. On average, sell-side analysts forecast that Corning Incorporated will post 1.97 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, May 30th. This represents a $0.80 dividend on an annualized basis and a yield of 2.57%. Corning’s dividend payout ratio is presently 44.94%.
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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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