Fjarde AP Fonden Fourth Swedish National Pension Fund Lowers Stake in Corning Incorporated (GLW)
Fjarde AP Fonden Fourth Swedish National Pension Fund cut its holdings in Corning Incorporated (NYSE:GLW) by 16.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 129,039 shares of the electronics maker’s stock after selling 26,305 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Corning were worth $3,878,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Corning by 0.5% during the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after acquiring an additional 326,877 shares during the last quarter. BlackRock Inc. boosted its position in Corning by 1,930.0% during the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after acquiring an additional 54,041,176 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Corning by 5.7% during the second quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock worth $537,381,000 after acquiring an additional 971,936 shares during the last quarter. Geode Capital Management LLC boosted its position in Corning by 12.8% during the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock worth $254,146,000 after acquiring an additional 1,071,544 shares during the last quarter. Finally, Morgan Stanley boosted its position in Corning by 20.0% during the first quarter. Morgan Stanley now owns 8,748,204 shares of the electronics maker’s stock worth $236,202,000 after acquiring an additional 1,456,304 shares during the last quarter. Institutional investors and hedge funds own 71.34% of the company’s stock.
Corning Incorporated (GLW) opened at 28.54 on Friday. Corning Incorporated has a 52 week low of $22.14 and a 52 week high of $32.17. The stock has a market cap of $25.78 billion, a P/E ratio of 12.75 and a beta of 1.40. The stock has a 50 day moving average of $29.14 and a 200-day moving average of $28.77.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.37 earnings per share. Analysts forecast that Corning Incorporated will post $1.71 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is 27.93%.
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In other Corning news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total value of $1,376,856.25. Following the sale, the insider now owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James P. Clappin sold 106,983 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total value of $3,129,252.75. Following the completion of the sale, the insider now directly owns 91,552 shares in the company, valued at approximately $2,677,896. The disclosure for this sale can be found here. In the last three months, insiders sold 234,871 shares of company stock worth $6,782,737. 0.59% of the stock is owned by corporate insiders.
A number of brokerages recently issued reports on GLW. Susquehanna Bancshares Inc restated a “positive” rating and set a $35.00 target price on shares of Corning in a research report on Thursday, August 24th. Guggenheim restated a “buy” rating and set a $35.00 target price on shares of Corning in a research report on Tuesday, August 15th. BidaskClub lowered shares of Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Jefferies Group LLC restated a “hold” rating and set a $29.50 target price on shares of Corning in a research report on Thursday, July 27th. Finally, Goldman Sachs Group, Inc. (The) lowered shares of Corning from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $29.00 to $26.00 in a research report on Tuesday, August 15th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $28.21.
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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