According to the most recent filing that the company made with the Securities and Exchange Commission, Sterling Investment Advisors Ltd. reported a decrease in its holdings of Corning Incorporated (NYSE: GLW) during the third quarter, which was 15.8 percentage points lower than the previous quarter’s holdings. This information was included in the company’s most recent quarterly report. The corporation ultimately had 16,030 shares of the stock held by the electronics manufacturer after selling 3,000 shares over the time frame in question. The most recent report that Sterling Investment Advisors Ltd. provided to the SEC indicated that the firm owned Corning stock with a value of $465,000.
Many other institutional investors and hedge funds have also adjusted the percentage of GLW shares they own due to recent market activity. A 22.1% increase in the proportion of corn stock that Cibc World Market Inc. owns was achieved during the first three months of the year. Following the acquisition of an additional 11,884 shares during the most recent quarter, Cibc World Market Inc. now holds 65,555 shares of the electronics manufacturer’s stock. Based on the current market price, this gives the company a value of $2,420,000. Prudential PLC made a brand-new investment in Corning, totaling 588 thousand dollars during the year’s first three months. Sequoia Financial Advisors LLC increased the amount of Corning stock owned by 15.5% during the first three months of 2018. Sequoia Financial Advisors LLC now has a total of 7,922 shares of the stock of the electronics manufacturer, which are valued at $293,000 thanks to the purchase of an additional 1,062 shares during the preceding quarter. During the first quarter, Vanguard Group Inc. increased the percentage of Corning stock held by 0.7%, making it the company’s largest holding. Vanguard Group Inc. now has a total of 92,746,889 stock held by the electronics business due to the purchase of an additional 671,480 shares during the quarter. The value of these shares on the market as of right now is $3,423,287,000. And as a final point of interest, during the first three months of this year, Baird Financial Group Inc. increased the amount of Corning stock held by 24.4%. After making additional purchases throughout the period, Baird Financial Group Inc. now holds 714,932 shares held by the electronics manufacturer. These purchases were spread out throughout the period. The value of these shares on the market as of right now is $26,388,000. Shares of the company are currently owned by hedge funds and other institutional investors, who collectively account for 67.79% of the total.
GLW has been the subject of the attention of analysts who have written several reports. Susquehanna lowered its price target on Corning shares from $40.00 to $39.00 in a research note published on Wednesday, October 26. Deutsche Bank Aktiengesellschaft decreased their price target on Corning shares from $37.00 to $35.00 in a research note published on Wednesday, October 26. In a research note published on October 26, Susquehanna Bancshares announced their price targets for Corning shares would be lowered. The previous price target of $40.00 has been revised downward to $39.00. JPMorgan Chase & Co. lowered their share price objective for Corning from $44.00 to $40,000 in a research note published on Tuesday, December 20. In a further response to this development, the company lowered the “overweight” rating they had previously assigned to the company’s stock shares from $40.00 to $39.00 in a research note published on Wednesday, October 26. Deutsche Bank Aktiengesellschaft decreased their price target on Corning shares from $37.00 to $35.00 in a research note published on Wednesday, October 26. In a research note published on October 26, Susquehanna Bancshares announced their price targets for Corning shares would be lowered. The previous price target of $40.00 has been revised downward to $39.00. JPMorgan Chase & Co. lowered their share price objective for Corning from $44.00 to $40,000 in a research note published on Tuesday, December 20. As a further response to this development, the company lowered the “overweight” rating it had previously assigned to its stock. Barclays rated the company as “equal weight” in a research study published on October 26.
Additionally, the brokerage firm lowered its price objective on Corning shares from $38.00 to $35.00. The company’s performance was going to be the subject of a report about to be published. Six stock analysts have given the company a rating of “hold,” while the remaining six have given the company a rating of “buy.” Investors generally agree that a price target of $39.55 is appropriate for Corning, and Bloomberg.com currently assigns the company a rating of “Moderate Buy.”
During Thursday’s lunchtime trading session, Corning’s stock experienced a decrease of $0.29 in value, bringing the per-share price to $35.65. A total of 23,138 shares of the company’s stock were traded, while an average of 4,456,042 were traded daily. During a single year, the share price of Corning Incorporated ranged from a record low of $28.98 to a record high of $43.47. The ratio of debt to equity, the current ratio, and the quick ratio are equal to 0.57, and the current ratio and the quick ratio are both 1.51 and 0.94. Currently, the price of a share of the company’s stock is trading at a moving average of 50 days, $33.65, and a moving average of 200 days, $33.33. This particular business has a market capitalization of $30.15 billion, a price-to-earnings ratio of 16.79, a price-to-earnings-growth ratio of 2.49, and a beta of 1.05, respectively.
On October 25, Corning (NYSE: GLW) provided the general public with the most recent version of its earnings report.
The electronic goods manufacturer’s quarterly earnings per share came in at $0.51, which was in line with the average expectation of $0.51 for the quarter. In contrast to the revenue of $3.67 billion the company generated during the period in question, market observers had anticipated that the latter figure would be significantly higher. Corning successfully achieved a return on equity of 15.25 percent and a net margin of 12.72 percent over the year. The percentage increase in revenue for the quarter was 0.7% higher than during the same quarter of the previous year. The company’s earnings per share were $0.56 when measured against the same period in the previous year’s financial results. According to analysts who work on the sell side, Corning Incorporated is expected to generate earnings of 2.06 cents per share this year.
Corning, Inc. is a company that focuses on the design and manufacture of specialty ceramics and glasses for a variety of applications. It is also in the business of producing display televisions, ceramic substrates for gasoline and diesel engines for the automotive and heavy-duty vehicle markets, advanced optical materials for the aerospace industry, carrier network and enterprise network products for the telecommunications industry, and advanced optical materials for the aerospace industry. All of these products are sold in various markets. In addition, it manufactures laboratory supplies for the general scientific community and specialized polymer products for use in biotechnology.
Are you curious about the other hedge funds and their portfolios to find out which ones include GLW? On the website HoldingsChannel.com, you can find the most recent 13F filings and insider trades involving Corning Incorporated (NYSE: GLW).