Emfo LLC Invests $33,000 in Corning Incorporated (NYSE:GLW)

Emfo LLC acquired a new position in Corning Incorporated (NYSE:GLWFree Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,100 shares of the electronics maker’s stock, valued at approximately $33,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Peoples Bank KS purchased a new stake in shares of Corning in the third quarter worth approximately $25,000. OFI Invest Asset Management purchased a new stake in shares of Corning in the third quarter worth approximately $25,000. Janiczek Wealth Management LLC raised its stake in shares of Corning by 173.6% in the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 571 shares during the last quarter. SRS Capital Advisors Inc. increased its position in shares of Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 652 shares during the last quarter. Finally, Bruce G. Allen Investments LLC purchased a new stake in shares of Corning during the fourth quarter valued at approximately $31,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

NYSE GLW traded down $0.20 during trading hours on Monday, reaching $31.29. 3,385,016 shares of the stock traded hands, compared to its average volume of 4,737,934. The stock has a 50 day simple moving average of $32.40 and a two-hundred day simple moving average of $30.37. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The company has a market cap of $26.76 billion, a price-to-earnings ratio of 46.90, a price-to-earnings-growth ratio of 1.79 and a beta of 1.08.

Corning (NYSE:GLWGet Free Report) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter last year, the business posted $0.47 earnings per share. The company’s revenue for the quarter was down 12.1% on a year-over-year basis. On average, analysts predict that Corning Incorporated will post 1.86 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.58%. Corning’s payout ratio is 167.16%.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Barclays increased their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. JPMorgan Chase & Co. increased their price target on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday. UBS Group increased their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $34.56.

View Our Latest Analysis on Corning

Corning Profile

(Free Report)

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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