Shares of Corning Incorporated (NYSE:GLW) sold by Forsta AP Fonden

VaselineSeptember 15, 2024

0 3 minutes read

Forsta AP Fonden lowered its stake in Corning Incorporated (NYSE:GLW – Free Report) by 14.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 150,100 shares of the electronics maker’s stock after selling 25,100 shares during the quarter. Forsta AP Fonden’s holdings in Corning were worth $5,831,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GLW. Access Investment Management LLC purchased a new position in shares of Corning in the first quarter valued at $28,000. Cape Investment Advisory Inc. boosted its position in Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares during the period. Future Financial Wealth Managment LLC purchased a new position in Corning in the first quarter valued at approximately $33,000. Register Financial Advisors LLC purchased a new position in shares of Corning in the first quarter valued at approximately $33,000. Finally, ESL Trust Services LLC acquired a new stake in shares of Corning in the 1st quarter worth about $33,000. 69.80% of shares are currently owned by institutional investors and hedge funds.

Changes in Analyst Ratings

Several research analysts have weighed in on GLW shares. Oppenheimer reiterated an “outperform” rating and issued a $47.00 price objective (down previously from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Citigroup upped their target price on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Barclays lifted their price objective on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Argus upped their target price on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Finally, Susquehanna boosted their price objective on Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Corning has a consensus rating of “Moderate Buy” and a consensus price target of $45.62, according to MarketBeat .

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Corning trading rose 1.5%

NYSE:GLW opened at $42.50 on Friday. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. The firm has a market cap of $36.37 billion, a price-to-earnings ratio of 59.86, a P/E/G ratio of 1.62 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57, and a debt-to-equity ratio of 0.63. The company’s 50-day moving average is $41.84 and its 200-day moving average is $37.15.

Corning (NYSE:GLW – Get Free Report ) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. In the same quarter last year, the company posted earnings of $0.45 per share. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. equities analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning announces dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a $0.28 dividend. This represents a dividend of $1.12 on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, August 30. Corning’s dividend payout ratio is 157.75%.

About Corning

(Free Report)

Corning Incorporated is engaged in display technologies, optical communications, environmental technologies, specialty materials and life sciences businesses in the United States and internationally. The Company’s Display Technologies segment provides 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 wearable devices.