Cubist Systematic Strategies LLC Sells 80,891 Shares of Corning Incorporated (GLW)
Cubist Systematic Strategies LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 55.9% during the second quarter, HoldingsChannel reports. The firm owned 63,873 shares of the electronics maker’s stock after selling 80,891 shares during the period. Cubist Systematic Strategies LLC’s holdings in Corning were worth $1,757,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Institutional & Family Asset Management LLC acquired a new stake in Corning in the first quarter valued at approximately $101,000. Founders Capital Management acquired a new stake in Corning in the second quarter valued at approximately $105,000. Private Capital Group LLC boosted its stake in Corning by 1,455.7% in the first quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock valued at $110,000 after acquiring an additional 3,683 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its stake in Corning by 16,371.4% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock valued at $127,000 after acquiring an additional 4,584 shares in the last quarter. Finally, Smithfield Trust Co. boosted its stake in Corning by 55.0% in the second quarter. Smithfield Trust Co. now owns 5,712 shares of the electronics maker’s stock valued at $157,000 after acquiring an additional 2,028 shares in the last quarter. Hedge funds and other institutional investors own 70.36% of the company’s stock.
Several brokerages have weighed in on GLW. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Tuesday, June 26th. Goldman Sachs Group upgraded shares of Corning from a “sell” rating to a “neutral” rating and set a $29.00 target price for the company in a research note on Wednesday, June 20th. TheStreet upgraded shares of Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. UBS Group raised their target price on shares of Corning from $29.50 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, July 26th. Finally, Citigroup upgraded shares of Corning from a “neutral” rating to a “buy” rating and raised their target price for the company from $32.50 to $40.00 in a research note on Friday. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $34.45.
NYSE GLW opened at $35.27 on Friday. The firm has a market capitalization of $27.55 billion, a price-to-earnings ratio of 21.12, a P/E/G ratio of 2.40 and a beta of 1.35. Corning Incorporated has a 12-month low of $26.11 and a 12-month high of $36.00. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.23 and a quick ratio of 1.58.
Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.01. The business had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Corning had a negative net margin of 8.32% and a positive return on equity of 12.03%. The business’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the company posted $0.42 earnings per share. equities analysts anticipate that Corning Incorporated will post 1.73 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, August 31st will be issued a $0.18 dividend. The ex-dividend date is Thursday, August 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.04%. Corning’s dividend payout ratio is currently 41.86%.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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