Manning & Napier Advisors LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 3.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 176,252 shares of the electronics maker’s stock after buying an additional 6,144 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Corning were worth $5,273,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. GLG Partners LP purchased a new stake in shares of Corning in the second quarter valued at approximately $102,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Corning by 241.6% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after acquiring an additional 2,650 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new stake in shares of Corning in the second quarter worth approximately $112,000. IHT Wealth Management LLC boosted its stake in shares of Corning by 13.4% in the second quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock worth $165,000 after acquiring an additional 485 shares during the last quarter. Finally, Central Bank & Trust Co. boosted its stake in shares of Corning by 8.8% in the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after acquiring an additional 345 shares during the last quarter. Institutional investors and hedge funds own 72.43% of the company’s stock.
GLW has been the topic of a number of recent research reports. BidaskClub raised Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Guggenheim reissued a “buy” rating and set a $35.00 price objective on shares of Corning in a research note on Tuesday, October 24th. Zacks Investment Research lowered Corning from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Susquehanna Bancshares reissued a “positive” rating and set a $35.00 price objective on shares of Corning in a research note on Thursday, August 24th. Finally, Citigroup upped their price target on Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $29.28.
In other news, CEO Wendell P. Weeks sold 248,857 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Eric S. Musser sold 29,949 shares of the company’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $31.56, for a total value of $945,190.44. Following the transaction, the vice president now directly owns 49,471 shares of the company’s stock, valued at $1,561,304.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 294,561 shares of company stock worth $9,254,498. 0.59% of the stock is owned by company insiders.
Corning Incorporated (GLW) traded up $0.36 during mid-day trading on Monday, hitting $32.21. The company had a trading volume of 6,656,669 shares, compared to its average volume of 6,190,393. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14. Corning Incorporated has a 52-week low of $23.59 and a 52-week high of $32.78. The stock has a market cap of $27,990.00, a P/E ratio of 18.31, a PEG ratio of 2.65 and a beta of 1.33.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The company had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter in the prior year, the business earned $0.42 EPS. Corning’s revenue was up 4.0% on a year-over-year basis. sell-side analysts expect that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be issued a dividend of $0.155 per share. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 annualized dividend and a yield of 1.92%. Corning’s dividend payout ratio (DPR) is 26.38%.
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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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