Kendall Capital Management purchased a new position in Corning Incorporated (NYSE:GLW) during the 4th quarter, Holdings Channel reports. The firm purchased 12,900 shares of the electronics maker’s stock, valued at approximately $413,000.
A number of other institutional investors have also modified their holdings of the business. Kemnay Advisory Services Inc. bought a new stake in Corning in the fourth quarter worth about $1,284,000. Brandywine Global Investment Management LLC raised its position in Corning by 1.5% in the fourth quarter. Brandywine Global Investment Management LLC now owns 1,529,991 shares of the electronics maker’s stock worth $48,945,000 after acquiring an additional 21,943 shares in the last quarter. Jefferies Group LLC increased its stake in Corning by 5.2% in the 4th quarter. Jefferies Group LLC now owns 238,950 shares of the electronics maker’s stock worth $7,644,000 after purchasing an additional 11,706 shares in the last quarter. Dynamic Capital Management Ltd purchased a new position in Corning in the 4th quarter worth about $632,000. Finally, Granite Springs Asset Management LLC purchased a new position in Corning in the 4th quarter worth about $979,000. Hedge funds and other institutional investors own 72.94% of the company’s stock.
Corning Incorporated (NYSE GLW) opened at $29.93 on Monday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.22 and a current ratio of 2.75. Corning Incorporated has a 12 month low of $26.32 and a 12 month high of $35.10. The firm has a market capitalization of $25,663.57, a PE ratio of 17.30, a price-to-earnings-growth ratio of 4.48 and a beta of 1.35.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Tuesday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.16. Corning’s payout ratio is -92.31%.
In other Corning news, Director John A. Canning, Jr. bought 30,000 shares of the stock in a transaction on Wednesday, February 14th. The shares were bought at an average price of $29.60 per share, with a total value of $888,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of Corning stock in a transaction dated 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 transaction, 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. Insiders own 0.59% of the company’s stock.
GLW has been the topic of a number of analyst reports. Guggenheim reissued a “buy” rating and issued a $35.00 price target 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 target 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 target on Corning and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Finally, Citigroup lifted their price target on Corning from $33.00 to $35.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and a consensus price target of $31.22.
ILLEGAL ACTIVITY WARNING: This report was reported by Sports Perspectives and is the sole property of of Sports Perspectives. If you are viewing this report on another site, it was stolen and republished in violation of US & international copyright and trademark legislation. The correct version of this report can be accessed at https://sportsperspectives.com/2018/03/12/kendall-capital-management-invests-413000-in-corning-incorporated-glw-stock.html.
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).
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:GLW).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.