Braun Stacey Associates Inc. lessened its holdings in Corning Incorporated (NYSE:GLW) by 15.0% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 465,190 shares of the electronics maker’s stock after selling 81,940 shares during the period. Braun Stacey Associates Inc. owned 0.05% of Corning worth $13,919,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the stock. First Trust Advisors LP increased its stake in Corning by 11.2% in the third quarter. First Trust Advisors LP now owns 1,886,433 shares of the electronics maker’s stock valued at $56,442,000 after acquiring an additional 190,582 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in Corning by 241.6% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after acquiring an additional 2,650 shares during the last quarter. Xact Kapitalforvaltning AB increased its stake in Corning by 2.4% in the third quarter. Xact Kapitalforvaltning AB now owns 75,294 shares of the electronics maker’s stock valued at $2,253,000 after acquiring an additional 1,734 shares during the last quarter. WESPAC Advisors LLC increased its stake in Corning by 12.5% in the third quarter. WESPAC Advisors LLC now owns 66,737 shares of the electronics maker’s stock valued at $1,997,000 after acquiring an additional 7,400 shares during the last quarter. Finally, Oxbow Advisors LLC increased its stake in Corning by 2.2% in the third quarter. Oxbow Advisors LLC now owns 131,880 shares of the electronics maker’s stock valued at $3,946,000 after acquiring an additional 2,835 shares during the last quarter. Institutional investors own 73.19% of the company’s stock.
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GLW has been the topic of a number of recent research reports. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $35.00 price objective on shares of Corning in a research note on Thursday, August 24th. BidaskClub cut Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Drexel Hamilton reiterated a “sell” rating and set a $17.50 target price on shares of Corning in a report on Wednesday, July 26th. Jefferies Group LLC reiterated a “hold” rating and set a $29.50 target price on shares of Corning in a report on Friday, October 6th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $29.28.
In other Corning news, CEO Wendell P. Weeks sold 248,857 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the sale, the chief executive officer now owns 65,333 shares in the company, valued at approximately $2,049,496.21. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Hansel E. Tookes II sold 6,513 shares of the business’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $31.60, for a total transaction of $205,810.80. Following the completion of the sale, the director now owns 88,946 shares in the company, valued at approximately $2,810,693.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 422,449 shares of company stock valued at $12,907,983. Insiders own 0.59% of the company’s stock.
Corning Incorporated (GLW) traded down $0.06 during trading hours on Friday, reaching $31.73. 3,346,200 shares of the company’s stock were exchanged, compared to its average volume of 6,274,542. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. Corning Incorporated has a fifty-two week low of $23.11 and a fifty-two week high of $32.33. The company has a market cap of $27,627.34, a P/E ratio of 18.27, a PEG ratio of 2.65 and a beta of 1.33.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The firm had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter in the previous year, the firm posted $0.42 EPS. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. equities analysts predict that Corning Incorporated will post 1.7 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s payout ratio is 26.38%.
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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