Lazard Asset Management LLC continued to hold its stake in shares of Corning Incorporated (NYSE:GLW) during the first quarter, Holdings Channel reports. The institutional investor owned 8,000 shares of the electronics maker’s stock at the end of the first quarter. Lazard Asset Management LLC’s holdings in Corning were worth $216,000 as of its most recent filing with the SEC.
Other hedge funds have also recently made changes to their positions in the company. Wedge Capital Management L L P NC purchased a new stake in shares of Corning during the first quarter valued at about $58,813,000. SG Americas Securities LLC increased its stake in shares of Corning by 127.9% in the first quarter. SG Americas Securities LLC now owns 329,209 shares of the electronics maker’s stock valued at $8,889,000 after buying an additional 1,510,245 shares during the period. CIBC World Markets Inc. increased its stake in shares of Corning by 575.1% in the first quarter. CIBC World Markets Inc. now owns 1,711,673 shares of the electronics maker’s stock valued at $46,215,000 after buying an additional 1,458,114 shares during the period. British Airways Pensions Investment Management Ltd purchased a new stake in shares of Corning during the first quarter valued at about $34,818,000. Finally, Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Corning by 212.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,790,396 shares of the electronics maker’s stock valued at $48,341,000 after buying an additional 1,217,686 shares during the period. 72.68% of the stock is currently owned by institutional investors.
Corning Incorporated (GLW) opened at 31.85 on Friday. The firm’s 50-day moving average is $30.10 and its 200 day moving average is $27.97. Corning Incorporated has a 52-week low of $20.76 and a 52-week high of $32.06. The firm has a market capitalization of $29.31 billion, a P/E ratio of 8.44 and a beta of 1.41.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.04. Corning had a net margin of 42.69% and a return on equity of 11.25%. The firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same period in the previous year, the business earned $0.28 EPS. The company’s revenue was up 16.0% compared to the same quarter last year. Equities analysts anticipate that Corning Incorporated will post $1.73 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be paid a $0.155 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 1.95%. Corning’s payout ratio is currently 16.89%.
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Several analysts have issued reports on GLW shares. Drexel Hamilton boosted their target price on shares of Corning from $14.50 to $17.50 and gave the company a “sell” rating in a research note on Wednesday, April 26th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $33.00 price target (up from $30.00) on shares of Corning in a research note on Saturday, April 29th. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and issued a $29.00 price target on shares of Corning in a research note on Wednesday, April 26th. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Friday, April 21st. Finally, Citigroup Inc. downgraded shares of Corning from a “buy” rating to a “neutral” rating and upped their price target for the stock from $28.00 to $29.00 in a research note on Friday, March 31st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $27.68.
In other Corning news, insider Clark S. Kinlin sold 40,717 shares of Corning stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $29.62, for a total value of $1,206,037.54. Following the sale, the insider now directly owns 72,707 shares in the company, valued at approximately $2,153,581.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 41,075 shares of Corning stock in a transaction on Wednesday, April 26th. The shares were sold at an average price of $28.46, for a total transaction of $1,168,994.50. The disclosure for this sale can be found here. Insiders sold a total of 457,433 shares of company stock worth $13,393,083 over the last quarter. Company insiders own 0.59% of the company’s stock.
About Corning
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).
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