Corning Incorporated (GLW) Stake Decreased by Guggenheim Capital LLC

Guggenheim Capital LLC trimmed its holdings in Corning Incorporated (NYSE:GLW) by 21.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,715,550 shares of the electronics maker’s stock after selling 723,221 shares during the period. Guggenheim Capital LLC’s holdings in Corning were worth $86,871,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Jennison Associates LLC raised its holdings in shares of Corning by 24.8% in the fourth quarter. Jennison Associates LLC now owns 11,491,434 shares of the electronics maker’s stock worth $367,611,000 after buying an additional 2,284,899 shares during the period. Lyrical Asset Management LP raised its holdings in shares of Corning by 2.5% in the fourth quarter. Lyrical Asset Management LP now owns 10,718,170 shares of the electronics maker’s stock worth $342,874,000 after buying an additional 258,334 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Corning by 0.7% in the third quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after buying an additional 56,973 shares during the period. Janus Henderson Group PLC grew its stake in Corning by 17.0% in the third quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after purchasing an additional 999,912 shares in the last quarter. Finally, TCW Group Inc. grew its stake in Corning by 1.9% in the third quarter. TCW Group Inc. now owns 6,081,608 shares of the electronics maker’s stock worth $181,962,000 after purchasing an additional 114,855 shares in the last quarter. Hedge funds and other institutional investors own 71.91% of the company’s stock.

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Shares of Corning Incorporated (NYSE GLW) opened at $29.93 on Friday. The company has a current ratio of 2.75, a quick ratio of 2.22 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $25,660.00, a price-to-earnings ratio of -44.01, a price-to-earnings-growth ratio of 4.48 and a beta of 1.35. Corning Incorporated has a 52-week low of $26.32 and a 52-week high of $35.10.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.02. The business had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Corning had a positive return on equity of 11.63% and a negative net margin of 4.91%. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 EPS. equities research analysts forecast that Corning Incorporated will post 1.67 earnings per share for the current fiscal year.

The business also recently announced 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. This represents a $0.72 annualized dividend and a yield of 2.41%. The ex-dividend date is Tuesday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.16. Corning’s dividend payout ratio (DPR) is -105.88%.

Several research analysts recently issued reports on GLW shares. Guggenheim reissued a “buy” rating and issued a $35.00 price objective on shares of Corning in a research note on Tuesday, December 12th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $36.00 price objective on the stock in a research note on Tuesday, December 19th. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Barclays set a $38.00 price objective on Corning and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Finally, Citigroup increased their price objective on Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $31.22.

In other Corning news, Director Deborah Rieman sold 2,083 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total transaction of $66,989.28. Following the sale, the director now owns 102,896 shares of the company’s stock, valued at approximately $3,309,135.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $32.42, for a total value of $1,675,335.92. Following the sale, the insider now directly owns 136,032 shares in the company, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by company insiders.

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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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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