Shapiro Capital Management LLC Has $72.75 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Shapiro Capital Management LLC lifted its stake in shares of Corning Incorporated (NYSE:GLWGet Rating) by 22.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,954,070 shares of the electronics maker’s stock after purchasing an additional 360,310 shares during the period. Shapiro Capital Management LLC owned approximately 0.23% of Corning worth $72,750,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Blue Bell Private Wealth Management LLC purchased a new position in Corning in the fourth quarter valued at about $28,000. Vigilant Capital Management LLC acquired a new position in shares of Corning during the 4th quarter worth about $34,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Corning during the 3rd quarter worth about $36,000. Future Financial Wealth Managment LLC acquired a new position in Corning in the 4th quarter valued at approximately $37,000. Finally, Desjardins Global Asset Management Inc. acquired a new position in Corning in the 4th quarter valued at approximately $37,000. Institutional investors and hedge funds own 68.71% of the company’s stock.

Several equities research analysts have recently weighed in on the company. Zacks Investment Research upgraded Corning from a “sell” rating to a “hold” rating and set a $45.00 price objective on the stock in a research note on Monday, January 31st. Susquehanna upgraded Corning from a “neutral” rating to a “positive” rating and increased their price objective for the company from $38.00 to $50.00 in a research report on Friday, January 28th. JPMorgan Chase & Co. increased their price objective on Corning from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, January 27th. Citigroup cut their price target on Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Thursday, January 27th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $50.00 price objective on shares of Corning in a research note on Friday, March 11th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $46.00.

In other Corning news, VP Michael Alan Bell sold 12,529 shares of the stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $36.24, for a total value of $454,050.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Robert P. France sold 2,190 shares of the firm’s stock in a transaction on Wednesday, April 20th. The shares were sold at an average price of $35.03, for a total transaction of $76,715.70. Following the sale, the vice president now owns 30,000 shares in the company, valued at approximately $1,050,900. The disclosure for this sale can be found here. Corporate insiders own 0.36% of the company’s stock.

Shares of Corning stock traded up $1.12 during trading on Tuesday, hitting $36.32. The company’s stock had a trading volume of 180,020 shares, compared to its average volume of 5,733,841. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.55 and a quick ratio of 1.04. Corning Incorporated has a 52 week low of $33.21 and a 52 week high of $44.33. The stock has a market cap of $30.68 billion, a price-to-earnings ratio of 28.77, a price-to-earnings-growth ratio of 2.42 and a beta of 0.92. The stock has a 50-day moving average price of $36.02 and a two-hundred day moving average price of $37.71.

Corning (NYSE:GLWGet Rating) last issued its quarterly earnings results on Tuesday, April 26th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.04. Corning had a net margin of 13.05% and a return on equity of 21.56%. The business had revenue of $3.74 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The business’s quarterly revenue was up 14.7% compared to the same quarter last year. On average, equities analysts predict that Corning Incorporated will post 2.36 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 29th. Shareholders of record on Tuesday, May 31st will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date is Friday, May 27th. Corning’s payout ratio is 86.40%.

About Corning (Get Rating)

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes 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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