Bahl & Gaynor Inc. Grows Stake in Corning Incorporated (NYSE:GLW)
Bahl & Gaynor Inc. boosted its position in shares of Corning Incorporated (NYSE:GLW) by 490.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 136,350 shares of the electronics maker’s stock after purchasing an additional 113,274 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Corning were worth $2,800,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. NWK Group Inc. purchased a new position in shares of Corning in the 4th quarter valued at $29,000. Robecosam AG increased its holdings in shares of Corning by 6.3% in the 4th quarter. Robecosam AG now owns 850,000 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 50,000 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA increased its holdings in shares of Corning by 700.0% in the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,400 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 1,225 shares during the period. Whitnell & Co. grew its stake in Corning by 42.7% during the 4th quarter. Whitnell & Co. now owns 1,427 shares of the electronics maker’s stock worth $42,000 after buying an additional 427 shares during the last quarter. Finally, FinTrust Capital Advisors LLC grew its stake in Corning by 41.6% during the 1st quarter. FinTrust Capital Advisors LLC now owns 2,102 shares of the electronics maker’s stock worth $43,000 after buying an additional 618 shares during the last quarter. Institutional investors own 73.18% of the company’s stock.
NYSE GLW traded down $0.11 during trading hours on Friday, reaching $25.70. The company’s stock had a trading volume of 46,990 shares, compared to its average volume of 7,811,159. The firm has a market capitalization of $19.64 billion, a price-to-earnings ratio of 80.64, a P/E/G ratio of 13.47 and a beta of 1.09. Corning Incorporated has a 1-year low of $17.44 and a 1-year high of $34.26. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.18 and a quick ratio of 1.44. The company’s 50-day moving average is $23.79 and its two-hundred day moving average is $24.97.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.88 annualized dividend and a yield of 3.42%. Corning’s dividend payout ratio (DPR) is currently 50.00%.
Several brokerages recently weighed in on GLW. Susquehanna Bancshares restated a “hold” rating and set a $22.00 target price on shares of Corning in a research note on Tuesday, April 28th. Barclays cut Corning from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $26.00 to $22.00 in a research report on Wednesday, April 29th. Oppenheimer reissued a “hold” rating on shares of Corning in a report on Tuesday, April 28th. Morgan Stanley boosted their price objective on Corning from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, June 10th. Finally, ValuEngine cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, March 3rd. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Corning has a consensus rating of “Hold” and a consensus price target of $29.73.
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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