APG Asset Management N.V. increased its stake in shares of Corning Incorporated (NYSE:GLW) by 18.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,431,917 shares of the electronics maker’s stock after purchasing an additional 370,300 shares during the quarter. APG Asset Management N.V. owned 0.27% of Corning worth $72,763,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. GLG Partners LP purchased a new stake in shares of Corning in the 2nd quarter worth $102,000. Jacobus Wealth Management Inc. acquired a new position in Corning during the 1st quarter valued at about $108,000. MPS Loria Financial Planners LLC acquired a new position in Corning during the 2nd quarter valued at about $112,000. Central Bank & Trust Co. increased its position in Corning by 8.8% during the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after buying an additional 345 shares in the last quarter. Finally, Harfst & Associates Inc. increased its position in Corning by 44.7% during the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after buying an additional 1,481 shares in the last quarter. Institutional investors own 73.19% of the company’s stock.
Shares of Corning Incorporated (GLW) opened at $31.73 on Friday. Corning Incorporated has a one year low of $23.11 and a one year high of $32.33. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. The stock has a market capitalization of $27,627.34, a price-to-earnings ratio of 18.27, a price-to-earnings-growth ratio of 2.65 and a beta of 1.33.
Corning (NYSE:GLW) last released its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. Corning’s revenue was up 4.0% compared to the same quarter last year. During the same period last year, the business posted $0.42 earnings per share. equities analysts expect that Corning Incorporated will post 1.7 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be issued a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a yield of 1.95%. Corning’s dividend payout ratio (DPR) is presently 26.38%.
In other news, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the sale, the chief executive officer now owns 65,333 shares in the company, valued at $2,049,496.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark S. Rogus sold 9,242 shares of Corning stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total value of $296,853.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 422,449 shares of company stock valued at $12,907,983. 0.59% of the stock is currently owned by company insiders.
A number of brokerages have recently weighed in on GLW. Zacks Investment Research upgraded Corning from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 26th. Citigroup Inc. increased their price target on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Deutsche Bank AG increased their price target on Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Finally, Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Tuesday, October 24th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Corning has a consensus rating of “Hold” and an average target price of $29.28.
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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).
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