Federated Hermes Inc. Has $40.24 Million Position in Corning Incorporated (NYSE:GLW)

Federated Hermes Inc. lifted its holdings in Corning Incorporated (NYSE:GLW) by 1,329.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,321,494 shares of the electronics maker’s stock after buying an additional 1,229,031 shares during the period. Federated Hermes Inc. owned about 0.15% of Corning worth $40,239,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Peoples Bank KS acquired a new stake in Corning during the 3rd quarter worth about $25,000. OFI Invest Asset Management purchased a new stake in shares of Corning in the third quarter worth approximately $25,000. Janiczek Wealth Management LLC boosted its holdings in shares of Corning by 173.6% during the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 571 shares during the period. SRS Capital Advisors Inc. grew its position in Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares in the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new position in Corning in the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on GLW shares. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. UBS Group boosted their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Susquehanna reiterated a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. increased their price target on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $34.56.

Corning Stock Up 1.2 %

Corning stock opened at $31.27 on Friday. The firm has a market cap of $26.75 billion, a price-to-earnings ratio of 46.67, a P/E/G ratio of 1.71 and a beta of 1.08. The firm has a fifty day moving average price of $32.31 and a two-hundred day moving average price of $30.39. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm’s revenue was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.47 EPS. As a group, analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.58%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is currently 167.16%.

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.