Virtus Fund Advisers LLC Lowers Holdings in Corning Incorporated (GLW)
Virtus Fund Advisers LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 15.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 317,386 shares of the electronics maker’s stock after selling 58,911 shares during the period. Virtus Fund Advisers LLC’s holdings in Corning were worth $10,153,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Cetera Investment Advisers bought a new stake in shares of Corning in the 2nd quarter worth $206,000. Intl Fcstone Inc. grew its stake in shares of Corning by 49.8% in the 2nd quarter. Intl Fcstone Inc. now owns 17,435 shares of the electronics maker’s stock worth $524,000 after acquiring an additional 5,793 shares in the last quarter. Shell Asset Management Co. grew its stake in shares of Corning by 21.4% in the 3rd quarter. Shell Asset Management Co. now owns 194,202 shares of the electronics maker’s stock worth $3,756,000 after acquiring an additional 34,273 shares in the last quarter. Spirit of America Management Corp NY grew its stake in shares of Corning by 15.9% in the 3rd quarter. Spirit of America Management Corp NY now owns 18,200 shares of the electronics maker’s stock worth $545,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Fisher Asset Management LLC bought a new stake in shares of Corning in the 3rd quarter worth $252,000. Hedge funds and other institutional investors own 69.94% of the company’s stock.
Several analysts have recently issued reports on GLW shares. Guggenheim reiterated a “buy” rating and issued a $35.00 target price on shares of Corning in a research note on Tuesday, October 24th. Oppenheimer reiterated a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Deutsche Bank upped their target price on shares of Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Citigroup upped their target price on shares of Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Finally, Zacks Investment Research upgraded shares of Corning from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 26th. Two analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $31.47.
Corning Incorporated (GLW) opened at $29.52 on Wednesday. The firm has a market cap of $25,269.14, a PE ratio of -38.01, a P/E/G ratio of 4.41 and a beta of 1.34. The company has a current ratio of 2.75, a quick ratio of 2.22 and a debt-to-equity ratio of 0.35. Corning Incorporated has a 1 year low of $26.32 and a 1 year high of $35.10.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The company had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.65 billion. Corning had a negative net margin of 4.91% and a positive return on equity of 11.63%. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.50 earnings per share. equities analysts forecast that Corning Incorporated will post 1.67 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Wednesday, February 28th will be given a dividend of $0.18 per share. The ex-dividend date is Tuesday, February 27th. This represents a $0.72 annualized dividend and a yield of 2.44%. This is a positive change from Corning’s previous quarterly dividend of $0.16. Corning’s dividend payout ratio is presently -79.49%.
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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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