Mackenzie Financial Corp Invests $3.28 Million in Corning Incorporated (GLW)
Mackenzie Financial Corp bought a new position in shares of Corning Incorporated (NYSE:GLW) during the first quarter, Holdings Channel reports. The firm bought 121,365 shares of the electronics maker’s stock, valued at approximately $3,277,000.
Several other large investors also recently added to or reduced their stakes in the stock. Wedge Capital Management L L P NC bought a new stake in Corning during the first quarter worth $58,813,000. SG Americas Securities LLC raised its stake in Corning by 127.9% in the first quarter. SG Americas Securities LLC now owns 329,209 shares of the electronics maker’s stock worth $8,889,000 after buying an additional 1,510,245 shares during the period. CIBC World Markets Inc. raised its stake in Corning by 575.1% in the first quarter. CIBC World Markets Inc. now owns 1,711,673 shares of the electronics maker’s stock worth $46,215,000 after buying an additional 1,458,114 shares during the period. British Airways Pensions Investment Management Ltd bought a new stake in Corning during the first quarter worth $34,818,000. Finally, Los Angeles Capital Management & Equity Research Inc. raised its stake in Corning by 212.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,790,396 shares of the electronics maker’s stock worth $48,341,000 after buying an additional 1,217,686 shares during the period. 72.68% of the stock is owned by institutional investors.
Corning Incorporated (NYSE GLW) opened at 31.41 on Wednesday. The firm’s 50 day moving average price is $29.95 and its 200-day moving average price is $27.92. Corning Incorporated has a 12-month low of $20.76 and a 12-month high of $31.42. The stock has a market cap of $28.90 billion, a P/E ratio of 8.33 and a beta of 1.41.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 25th. The electronics maker reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.37 billion. Corning had a net margin of 42.69% and a return on equity of 11.25%. Corning’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.28 earnings per share. Equities research analysts anticipate that Corning Incorporated will post $1.73 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Wednesday, May 31st were paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend was Friday, May 26th. Corning’s dividend payout ratio (DPR) is 16.89%.
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GLW has been the subject of a number of recent research reports. Drexel Hamilton boosted their target price on Corning from $14.50 to $17.50 and gave the company a “sell” rating in a research note on Wednesday, April 26th. Deutsche Bank AG reissued a “buy” rating and issued a $33.00 target price (up previously from $30.00) on shares of Corning in a research note on Saturday, April 29th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $29.00 target price on shares of Corning in a research note on Wednesday, April 26th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Friday, April 21st. Finally, Citigroup Inc. lowered Corning from a “buy” rating to a “neutral” rating and boosted their target price for the company from $28.00 to $29.00 in a research note on Friday, March 31st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $27.68.
In related news, insider Clark S. Kinlin sold 40,717 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $29.62, for a total value of $1,206,037.54. Following the completion of the transaction, the insider now owns 72,707 shares of the company’s stock, valued at $2,153,581.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wendell P. Weeks sold 41,075 shares of the business’s stock in a transaction that occurred on Wednesday, April 26th. The stock was sold at an average price of $28.46, for a total transaction of $1,168,994.50. The disclosure for this sale can be found here. Insiders sold 457,433 shares of company stock valued at $13,393,083 in the last three months. 0.59% of the stock is currently owned by insiders.
Corning Company Profile
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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