Magnetar Financial LLC Has $861,000 Stake in Corning Incorporated (NYSE:GLW)

Magnetar Financial LLC reduced its stake in Corning Incorporated (NYSE:GLW) by 68.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,119 shares of the electronics maker’s stock after selling 57,977 shares during the period. Magnetar Financial LLC’s holdings in Corning were worth $861,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Cape Investment Advisory Inc. boosted its stake in shares of Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares in the last quarter. Access Investment Management LLC bought a new position in Corning during the 1st quarter worth approximately $28,000. EverSource Wealth Advisors LLC raised its holdings in Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares during the last quarter. Emfo LLC bought a new position in Corning during the 4th quarter worth approximately $33,000. Finally, Future Financial Wealth Managment LLC bought a new position in Corning during the 1st quarter worth approximately $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GLW has been the subject of several analyst reports. Morgan Stanley restated an “equal weight” rating and set a $39.00 price target on shares of Corning in a report on Friday. JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $37.00 to $43.00 in a report on Thursday, May 30th. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Oppenheimer restated an “outperform” rating and set a $50.00 price target (up previously from $40.00) on shares of Corning in a report on Wednesday, July 10th. Finally, Citigroup raised their price target on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $43.38.

Corning Stock Up 0.1 %

Shares of NYSE GLW traded up $0.04 during mid-day trading on Friday, reaching $42.85. 7,690,482 shares of the company’s stock traded hands, compared to its average volume of 9,234,449. The stock has a market cap of $36.71 billion, a P/E ratio of 60.35, a PEG ratio of 1.58 and a beta of 1.05. The business has a 50-day simple moving average of $39.85 and a 200 day simple moving average of $34.91. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $46.39. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue was down 11.5% on a year-over-year basis. During the same period last year, the company earned $0.41 earnings per share. On average, analysts expect that Corning Incorporated will post 1.94 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio is currently 157.75%.

Insider Activity

In related news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the transaction, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock worth $5,876,067 over the last three months. 0.40% of the stock is currently owned by insiders.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.