LVM Capital Management Ltd. MI Acquires 1,798 Shares of Corning Incorporated (GLW)
LVM Capital Management Ltd. MI lifted its holdings in Corning Incorporated (NYSE:GLW) by 2.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 63,529 shares of the electronics maker’s stock after acquiring an additional 1,798 shares during the quarter. LVM Capital Management Ltd. MI’s holdings in Corning were worth $2,032,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Corning by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock worth $1,866,151,000 after acquiring an additional 965,976 shares during the last quarter. LSV Asset Management lifted its holdings in shares of Corning by 1.3% in the 2nd quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock worth $391,002,000 after acquiring an additional 165,214 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of Corning in the 3rd quarter worth approximately $275,460,000. Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 0.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after acquiring an additional 56,973 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Corning by 17.0% in the 3rd quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after acquiring an additional 999,912 shares during the last quarter. Hedge funds and other institutional investors own 72.11% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) opened at $33.33 on Thursday. Corning Incorporated has a 1-year low of $24.13 and a 1-year high of $33.92. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26. The company has a market cap of $29,120.00, a price-to-earnings ratio of 14.18, a P/E/G ratio of 2.78 and a beta of 1.33.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same period in the prior year, the business posted $0.42 EPS. The firm’s revenue was up 4.0% compared to the same quarter last year. equities analysts anticipate that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.
GLW has been the subject of a number of recent research reports. Oppenheimer restated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Citigroup boosted their price objective on shares of Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, October 25th. Guggenheim restated a “buy” rating and issued a $35.00 price objective on shares of Corning in a report on Thursday, September 21st. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Zacks Investment Research lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Friday, December 22nd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $29.76.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the business’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the transaction, the insider now directly owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Wendell P. Weeks sold 248,857 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the transaction, the chief executive officer now directly owns 65,333 shares in the company, valued at $2,049,496.21. The disclosure for this sale can be found here. Over the last three months, insiders have sold 348,320 shares of company stock worth $10,996,824. Insiders own 0.59% of the company’s stock.
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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