Stone Ridge Asset Management LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 75,997 shares of the electronics maker’s stock, valued at approximately $2,431,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kendall Capital Management purchased a new position in shares of Corning during the fourth quarter worth $413,000. Kemnay Advisory Services Inc. purchased a new position in shares of Corning during the fourth quarter worth $1,284,000. Brandywine Global Investment Management LLC boosted its position in shares of Corning by 1.5% during the fourth quarter. Brandywine Global Investment Management LLC now owns 1,529,991 shares of the electronics maker’s stock worth $48,945,000 after buying an additional 21,943 shares during the period. Jefferies Group LLC boosted its position in shares of Corning by 5.2% during the fourth quarter. Jefferies Group LLC now owns 238,950 shares of the electronics maker’s stock worth $7,644,000 after buying an additional 11,706 shares during the period. Finally, Dynamic Capital Management Ltd purchased a new position in shares of Corning during the fourth quarter worth $632,000. Institutional investors and hedge funds own 72.94% of the company’s stock.
In other Corning news, Director John A. Canning, Jr. purchased 30,000 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were bought at an average cost of $29.60 per share, for a total transaction of $888,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the firm’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $32.42, for a total value of $1,675,335.92. Following the completion of the sale, the insider now owns 136,032 shares in the company, valued at $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is owned by company insiders.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. Corning had a positive return on equity of 11.63% and a negative net margin of 4.91%. The company had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same period last year, the firm earned $0.50 earnings per share. Corning’s quarterly revenue was up 7.4% on a year-over-year basis. equities research analysts predict that Corning Incorporated will post 1.67 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 2.41%. Corning’s dividend payout ratio (DPR) is currently -92.31%.
GLW has been the subject of a number of recent research reports. Citigroup decreased their target price on Corning from $35.00 to $32.00 and set a “neutral” rating for the company in a report on Friday. TheStreet lowered Corning from a “b-” rating to a “c+” rating in a report on Wednesday, February 28th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Oppenheimer reiterated a “hold” rating on shares of Corning in a report on Wednesday, January 31st. Finally, Guggenheim reiterated a “buy” rating on shares of Corning in a report on Tuesday, January 30th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Corning has a consensus rating of “Hold” and a consensus target price of $31.22.
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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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