GHP Investment Advisors Inc. Acquires 5,249 Shares of Corning Incorporated (GLW)
GHP Investment Advisors Inc. grew its holdings in Corning Incorporated (NYSE:GLW) by 9.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,736 shares of the electronics maker’s stock after acquiring an additional 5,249 shares during the period. GHP Investment Advisors Inc.’s holdings in Corning were worth $1,911,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in GLW. Motco boosted its holdings in Corning by 150.4% during the fourth quarter. Motco now owns 3,538 shares of the electronics maker’s stock worth $113,000 after buying an additional 2,125 shares in the last quarter. Valeo Financial Advisors LLC boosted its holdings in Corning by 163.9% during the fourth quarter. Valeo Financial Advisors LLC now owns 4,991 shares of the electronics maker’s stock worth $160,000 after buying an additional 3,100 shares in the last quarter. Bank of Nova Scotia Trust Co. purchased a new stake in Corning during the third quarter worth $163,000. Resources Investment Advisors Inc. boosted its holdings in Corning by 611.0% during the fourth quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock worth $166,000 after buying an additional 4,460 shares in the last quarter. Finally, Boys Arnold & Co. Inc. purchased a new stake in Corning during the fourth quarter worth $202,000. 72.94% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently issued reports on GLW. Guggenheim reissued a “buy” rating and set a $35.00 price target on shares of Corning in a report on Tuesday, December 12th. Citigroup lowered their price target on shares of Corning from $35.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, March 9th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. TheStreet downgraded shares of Corning from a “b-” rating to a “c+” rating in a report on Wednesday, February 28th. Finally, Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a report on Tuesday, December 19th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $31.22.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.02. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the business posted $0.50 earnings per share. equities analysts predict that Corning Incorporated will post 1.67 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 2.41%. Corning’s dividend payout ratio is currently -92.31%.
In related news, Director John A. Canning, Jr. acquired 30,000 shares of Corning stock in a transaction on Wednesday, February 14th. The stock was bought at an average cost of $29.60 per share, for a total transaction of $888,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the company’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the transaction, the insider now owns 136,032 shares of the company’s stock, valued at $4,410,157.44. The disclosure for this sale can be found here. Corporate insiders own 0.59% of the company’s stock.
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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