Optimal Asset Management Inc. decreased its position in Corning Incorporated (NYSE:GLW) by 54.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,538 shares of the electronics maker’s stock after selling 18,500 shares during the quarter. Optimal Asset Management Inc.’s holdings in Corning were worth $676,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in the stock. Lincoln National Corp raised its stake in Corning by 2.1% in the 1st quarter. Lincoln National Corp now owns 11,830 shares of the electronics maker’s stock valued at $515,000 after purchasing an additional 239 shares during the last quarter. Dumont & Blake Investment Advisors LLC grew its holdings in Corning by 0.5% in the 1st quarter. Dumont & Blake Investment Advisors LLC now owns 43,961 shares of the electronics maker’s stock valued at $1,913,000 after buying an additional 240 shares during the period. Chicago Partners Investment Group LLC grew its holdings in Corning by 1.1% in the 1st quarter. Chicago Partners Investment Group LLC now owns 22,156 shares of the electronics maker’s stock valued at $1,021,000 after buying an additional 248 shares during the period. Trust Co. of Vermont grew its holdings in Corning by 2.8% in the 1st quarter. Trust Co. of Vermont now owns 9,329 shares of the electronics maker’s stock valued at $406,000 after buying an additional 250 shares during the period. Finally, Resource Management LLC grew its holdings in Corning by 1.8% in the 1st quarter. Resource Management LLC now owns 14,804 shares of the electronics maker’s stock valued at $644,000 after buying an additional 267 shares during the period. 67.12% of the stock is owned by hedge funds and other institutional investors.
GLW has been the subject of several recent analyst reports. JPMorgan Chase & Co. upgraded Corning from a “neutral” rating to an “overweight” rating and set a $55.00 price target for the company in a report on Monday, April 19th. Argus boosted their target price on Corning from $42.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, April 7th. Morgan Stanley boosted their target price on Corning from $37.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 28th. Finally, Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, April 20th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Corning has an average rating of “Buy” and a consensus price target of $42.80.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 27th. The electronics maker reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.02. Corning had a return on equity of 13.66% and a net margin of 9.89%. The firm had revenue of $3.29 billion during the quarter, compared to analysts’ expectations of $3.11 billion. During the same quarter in the prior year, the business earned $0.20 EPS. Corning’s quarterly revenue was up 37.6% compared to the same quarter last year. Equities analysts anticipate that Corning Incorporated will post 2.09 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 29th. Shareholders of record on Tuesday, August 31st will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Monday, August 30th. Corning’s payout ratio is 69.06%.
In related news, CEO Wendell P. Weeks sold 18,729 shares of the company’s stock in a transaction that occurred on Tuesday, May 25th. The stock was sold at an average price of $44.00, for a total transaction of $824,076.00. Following the sale, the chief executive officer now directly owns 63,455 shares of the company’s stock, valued at approximately $2,792,020. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Roger W. Jr. Ferguson purchased 1,420 shares of the company’s stock in a transaction that occurred on Monday, June 14th. The shares were purchased at an average cost of $42.14 per share, for a total transaction of $59,838.80. Over the last ninety days, insiders acquired 5,553 shares of company stock worth $239,744 and sold 307,256 shares worth $13,776,016. Corporate insiders own 0.48% of the company’s stock.
Corning Company Profile
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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