Caxton Associates LP bought a new position in shares of Corning Incorporated (NYSE:GLW) during the first quarter, Holdings Channel reports. The firm bought 16,500 shares of the electronics maker’s stock, valued at approximately $446,000.
Several other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after buying an additional 54,041,176 shares during the last quarter. Wedge Capital Management L L P NC acquired a new stake in Corning during the first quarter worth about $58,813,000. Gotham Asset Management LLC raised its stake in Corning by 17,844.0% in the first quarter. Gotham Asset Management LLC now owns 1,717,781 shares of the electronics maker’s stock worth $46,380,000 after buying an additional 1,708,208 shares during the last quarter. SG Americas Securities LLC raised its stake in Corning by 127.9% in the first quarter. SG Americas Securities LLC now owns 329,209 shares of the electronics maker’s stock worth $8,889,000 after buying an additional 1,510,245 shares during the last quarter. Finally, CIBC World Markets Inc. raised its stake in Corning by 575.1% in the first quarter. CIBC World Markets Inc. now owns 1,711,673 shares of the electronics maker’s stock worth $46,215,000 after buying an additional 1,458,114 shares during the last quarter. Institutional investors own 72.66% of the company’s stock.
Shares of Corning Incorporated (NYSE:GLW) opened at 29.25 on Friday. The firm has a market capitalization of $26.92 billion, a P/E ratio of 7.75 and a beta of 1.41. Corning Incorporated has a 12 month low of $22.07 and a 12 month high of $32.07. The stock has a 50 day moving average price of $30.32 and a 200 day moving average price of $28.22.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the previous year, the firm posted $0.37 EPS. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, analysts expect that Corning Incorporated will post $1.71 earnings per share 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 given a dividend of $0.155 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 2.12%. Corning’s dividend payout ratio (DPR) is presently 27.93%.
ILLEGAL ACTIVITY NOTICE: This report was originally posted by StockNewsTimes and is the sole property of of StockNewsTimes. If you are accessing this report on another domain, it was illegally copied and reposted in violation of US & international copyright & trademark law. The correct version of this report can be accessed at https://stocknewstimes.com/2017/07/29/caxton-associates-lp-buys-new-stake-in-corning-incorporated-nyseglw.html.
Several brokerages recently issued reports on GLW. Drexel Hamilton increased their price objective on Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a report on Wednesday, April 26th. Deutsche Bank AG reiterated a “buy” rating and set a $33.00 price objective (up from $30.00) on shares of Corning in a report on Saturday, April 29th. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and set a $29.00 price objective on shares of Corning in a report on Wednesday, April 26th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Friday, April 21st. Finally, Citigroup Inc. lowered Corning from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $28.00 to $29.00 in a report on Friday, March 31st. One analyst has rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $27.81.
In other news, insider Lewis A. Steverson sold 30,000 shares of the business’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $29.00, for a total transaction of $870,000.00. Following the transaction, the insider now directly owns 3,859 shares in the company, valued at approximately $111,911. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clark S. Kinlin sold 40,717 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the transaction, the insider now owns 72,707 shares in the company, valued at $2,153,581.34. The disclosure for this sale can be found here. Insiders have sold a total of 416,358 shares of company stock worth $12,224,089 over the last three months. Insiders own 0.59% of the company’s stock.
Corning Company Profile
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 Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.
