Parametric Portfolio Associates LLC Purchases 81,946 Shares of Corning Incorporated (GLW)

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Parametric Portfolio Associates LLC increased its position in shares of Corning Incorporated (NYSE:GLW) by 1.5% in the 1st quarter, HoldingsChannel reports. The fund owned 5,386,505 shares of the electronics maker’s stock after buying an additional 81,946 shares during the quarter. Parametric Portfolio Associates LLC’s holdings in Corning were worth $178,293,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Riverview Trust Co bought a new position in Corning during the fourth quarter valued at about $26,000. Sontag Advisory LLC acquired a new stake in shares of Corning in the fourth quarter valued at about $29,000. Trustcore Financial Services LLC acquired a new stake in shares of Corning in the first quarter valued at about $30,000. Athena Capital Advisors LLC acquired a new stake in shares of Corning in the fourth quarter valued at about $33,000. Finally, Essex Savings Bank acquired a new stake in shares of Corning in the fourth quarter valued at about $34,000. Institutional investors and hedge funds own 70.97% of the company’s stock.

GLW stock opened at $29.63 on Friday. Corning Incorporated has a twelve month low of $26.23 and a twelve month high of $36.56. The stock has a market cap of $23.83 billion, a P/E ratio of 16.65, a PEG ratio of 1.58 and a beta of 1.12. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.36 and a current ratio of 2.08.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 30th. The electronics maker reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. Corning had a return on equity of 15.02% and a net margin of 18.57%. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.81 billion. During the same period last year, the business earned $0.31 earnings per share. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, sell-side analysts predict that Corning Incorporated will post 1.97 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date is Thursday, May 30th. Corning’s dividend payout ratio (DPR) is presently 44.94%.

Several equities research analysts have recently issued reports on GLW shares. Bank of America raised Corning from a “neutral” rating to a “buy” rating and set a $32.31 price target on the stock in a research report on Wednesday, May 1st. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, January 29th. Finally, Zacks Investment Research raised Corning from a “sell” rating to a “hold” rating in a research report on Thursday, May 2nd. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Corning currently has a consensus rating of “Buy” and a consensus target price of $35.41.

In related news, VP David L. Morse sold 36,664 shares of Corning stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $35.00, for a total transaction of $1,283,240.00. Following the sale, the vice president now directly owns 47,527 shares of the company’s stock, valued at $1,663,445. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.46% of the stock is owned by company insiders.

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Corning Profile

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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