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Clearbridge Investments LLC Has $5.37 Million Stock Position in Corning Incorporated (NYSE:GLW)

… liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers …

Post Republished By Alfonso Hilsaca Eljadue (.com)

Turco Hilsaca, del Cristo Hilsaca

Clearbridge Investments LLC increased its holdings in shares of Corning Incorporated (NYSE:GLWGet Rating) by 3.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 170,400 shares of the electronics maker’s stock after purchasing an additional 4,905 shares during the period. Clearbridge Investments LLC’s holdings in Corning were worth $5,369,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in GLW. California Public Employees Retirement System grew its stake in Corning by 109.6% during the second quarter. California Public Employees Retirement System now owns 3,151,038 shares of the electronics maker’s stock worth $99,289,000 after purchasing an additional 1,647,814 shares during the period. Prudential Financial Inc. grew its stake in Corning by 197.7% during the first quarter. Prudential Financial Inc. now owns 2,033,754 shares of the electronics maker’s stock worth $75,066,000 after purchasing an additional 1,350,499 shares during the period. Envestnet Asset Management Inc. grew its stake in Corning by 77.1% in the first quarter. Envestnet Asset Management Inc. now owns 3,083,940 shares of the electronics maker’s stock valued at $113,828,000 after acquiring an additional 1,342,976 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Corning in the first quarter valued at approximately $29,668,000. Finally, Retirement Systems of Alabama grew its stake in Corning by 298.8% in the second quarter. Retirement Systems of Alabama now owns 987,000 shares of the electronics maker’s stock valued at $31,100,000 after acquiring an additional 739,495 shares during the period. Institutional investors and hedge funds own 69.00% of the company’s stock.

Corning Stock Performance

Shares of Corning stock opened at $33.92 on Friday. The business’s fifty day simple moving average is $31.85 and its 200 day simple moving average is $33.43. The firm has a market capitalization of $28.69 billion, a P/E ratio of 15.85, a price-to-earnings-growth ratio of 2.53 and a beta of 1.05. Corning Incorporated has a 12 month low of $28.98 and a 12 month high of $43.47. The company has a current ratio of 1.51, a quick ratio of 0.94 and a debt-to-equity ratio of 0.57.

Corning (NYSE:GLWGet Rating) last issued its quarterly earnings results on Tuesday, October 25th. The electronics maker reported $0.51 EPS for the quarter, hitting analysts’ consensus estimates of $0.51. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.67 billion. Corning had a return on equity of 15.25% and a net margin of 12.72%. Corning’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the company posted $0.56 earnings per share. As a group, analysts anticipate that Corning Incorporated will post 2.07 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, November 18th will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend is Thursday, November 17th. Corning’s dividend payout ratio (DPR) is presently 50.47%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Credit Suisse Group assumed coverage on Corning in a research note on Tuesday, August 16th. They issued a “neutral” rating and a $36.00 price objective for the company. Barclays reduced their price objective on Corning from $38.00 to $35.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 26th. Deutsche Bank Aktiengesellschaft reduced their price objective on Corning from $37.00 to $35.00 in a research note on Wednesday, October 26th. Fox Advisors lowered Corning from an “overweight” rating to an “equal weight” rating in a report on Wednesday, October 26th. Finally, Susquehanna Bancshares dropped their target price on Corning from $40.00 to $39.00 in a report on Wednesday, October 26th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $39.27.

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.

See Also

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLWGet Rating).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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