A Look At Billionaire Steve Cohen’s Top New Bets

Steven Cohen and his team purchased a 5.71 million-share stake in Corning Incorporated (NYSE:GLW) in the October-December period, worth $104.29 million. The high-tech glass maker has seen its stock decline by 26% over the past 52 weeks, mainly due to sustained weakness in the television and consumer electronic device retail markets. The company’s net sales for 2015 totaled $9.11 billion, down by 6% year-on-year. Corning Incorporated (NYSE:GLW)’s anticipates LCD glass prices to decline moderately in 2016 and glass volume to grow by mid-single digits. The company is known for its scratch-resistant glass used in smartphones, but the majority of its revenue is derived from the sale of glass used in LCDs. Corning pays out a quarterly dividend of $0.135 per share and expects to increase its dividend payments by at least 10% annually through 2019. The stock trades at a forward P/E of 11.16, below the average of 15.75 for the S&P 500. A total of 38 hedge funds from our database were invested in the company at the end 2015. David Harding’s Winton Capital Management owns 9.18 million shares of Corning Incorporated (NYSE:GLW) as of the end of December 2015.

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Billionaire Steven Cohen added a 2.98 million-share position in CSRA Inc. (NYSE:CSRA) valued at $89.46 million to his portfolio during the December quarter. At the end of November 2015, CSRA spun off from Computer Sciences Corp. (NYSE:CSC) and emerged as an independent public company that provides IT solutions to U.S. government customers. Simultaneously, CSRA completed the merger with Fairfax-based government IT contractor SRA International. Under the terms of the merger, former SRA shareholders were paid $390 million in cash and received roughly 25 million CSRA shares. CSRA Inc. (NYSE:CSRA)’s stock is down by 14% year-to-date, but analysts have high expectations about the company’s future stock performance. Just recently, Stifel initiated coverage on CSRA with a ‘Buy’ rating and a $41 price target, citing the company’s strong position in the Government Services industry. There were 31 smart money investors from our database with positions in CSRA at the end of December, amassing nearly 14% of its outstanding stock. Paul Tudor Jones’ Tudor Investment owns 1.54 million shares of CSRA Inc. (NYSE:CSRA) as of the end of 2015.

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