Raymond James & Associates trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 1.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,289,679 shares of the electronics maker’s stock after selling 30,411 shares during the period. Raymond James & Associates’ holdings in Corning were worth $73,247,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its position in shares of Corning by 6.9% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 183,622 shares of the electronics maker’s stock valued at $5,494,000 after buying an additional 11,848 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Corning by 398.5% during the third quarter. Victory Capital Management Inc. now owns 79,072 shares of the electronics maker’s stock valued at $2,366,000 after buying an additional 63,211 shares during the last quarter. Sei Investments Co. raised its position in shares of Corning by 22.2% during the third quarter. Sei Investments Co. now owns 546,661 shares of the electronics maker’s stock valued at $16,356,000 after buying an additional 99,318 shares during the last quarter. HM Payson & Co. acquired a new position in shares of Corning during the third quarter valued at about $204,000. Finally, Cobblestone Capital Advisors LLC NY raised its position in shares of Corning by 27.9% during the third quarter. Cobblestone Capital Advisors LLC NY now owns 8,706 shares of the electronics maker’s stock valued at $260,000 after buying an additional 1,900 shares during the last quarter. Institutional investors own 72.94% of the company’s stock.
Corning Incorporated (GLW) opened at $29.84 on Tuesday. Corning Incorporated has a 52-week low of $26.32 and a 52-week high of $35.10. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.75 and a quick ratio of 2.22. The stock has a market cap of $25,663.57, a PE ratio of 17.30, a P/E/G ratio of 4.48 and a beta of 1.35.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.41%. This is a boost from Corning’s previous quarterly dividend of $0.16. The ex-dividend date is Tuesday, February 27th. Corning’s dividend payout ratio is currently -92.31%.
GLW has been the subject of a number of research analyst reports. Guggenheim reaffirmed a “buy” rating on shares of Corning in a research report on Tuesday, January 30th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research report on Tuesday, December 19th. Barclays set a $38.00 price target on shares of Corning and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Finally, TheStreet lowered shares of Corning from a “b-” rating to a “c+” rating in a research report on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $31.22.
In other Corning news, Director Deborah Rieman sold 2,083 shares of the company’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $32.16, for a total transaction of $66,989.28. Following the sale, the director now directly owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John A. Canning, Jr. acquired 30,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were purchased at an average cost of $29.60 per share, for a total transaction of $888,000.00. The disclosure for this purchase can be found here. 0.59% of the stock is currently owned by corporate insiders.
TRADEMARK VIOLATION WARNING: This report was posted by Ticker Report and is the property of of Ticker Report. If you are reading this report on another site, it was copied illegally and republished in violation of United States & international copyright and trademark law. The original version of this report can be viewed at https://www.tickerreport.com/banking-finance/3259751/corning-incorporated-glw-holdings-cut-by-raymond-james-associates.html.
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 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.