Nomura Asset Management Co. Ltd. lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 34.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 172,159 shares of the electronics maker’s stock after selling 91,280 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Corning were worth $5,152,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Corning by 2.2% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 532,200 shares of the electronics maker’s stock worth $15,990,000 after buying an additional 11,300 shares during the period. Lafayette Investments Inc. raised its position in shares of Corning by 6.9% in the 3rd quarter. Lafayette Investments Inc. now owns 171,215 shares of the electronics maker’s stock worth $5,123,000 after buying an additional 11,095 shares during the period. Private Advisor Group LLC raised its position in shares of Corning by 6.6% in the 3rd quarter. Private Advisor Group LLC now owns 81,061 shares of the electronics maker’s stock worth $2,441,000 after buying an additional 5,006 shares during the period. Sheaff Brock Investment Advisors LLC raised its position in shares of Corning by 49.0% in the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 85,924 shares of the electronics maker’s stock worth $2,571,000 after buying an additional 28,265 shares during the period. Finally, CapWealth Advisors LLC raised its position in shares of Corning by 1.8% in the 3rd quarter. CapWealth Advisors LLC now owns 553,667 shares of the electronics maker’s stock worth $16,566,000 after buying an additional 9,593 shares during the period. 72.43% of the stock is currently owned by institutional investors.
Corning Incorporated (NYSE:GLW) opened at $32.35 on Friday. 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 $24.12 and a 52-week high of $32.78. The company has a market capitalization of $27,575.19, a PE ratio of 18.24, a price-to-earnings-growth ratio of 2.64 and a beta of 1.33.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating the 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 analyst estimates of $2.59 billion. During the same period last year, the company posted $0.42 earnings per share. The firm’s revenue was up 4.0% compared to the same quarter last year. equities research analysts anticipate that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be paid a dividend of $0.155 per share. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 annualized dividend and a dividend yield of 1.92%. Corning’s dividend payout ratio is presently 26.38%.
Several brokerages recently weighed in on GLW. BidaskClub lowered Corning from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th. Goldman Sachs Group lowered Corning from a “neutral” rating to a “sell” rating and cut their target price for the stock from $29.00 to $26.00 in a research report on Tuesday, August 15th. Guggenheim reaffirmed a “buy” rating and issued a $35.00 target price on shares of Corning in a research report on Tuesday, October 24th. Jefferies Group reaffirmed a “hold” rating and issued a $29.50 target price on shares of Corning in a research report on Friday, October 6th. Finally, Zacks Investment Research lowered Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Corning has a consensus rating of “Hold” and a consensus price target of $29.28.
In other news, VP Eric S. Musser sold 29,949 shares of the firm’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $31.56, for a total transaction of $945,190.44. Following the completion of the sale, the vice president now directly owns 49,471 shares in the company, valued at $1,561,304.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Hansel E. Tookes II sold 6,513 shares of the firm’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total value of $205,810.80. Following the sale, the director now owns 88,946 shares of the company’s stock, valued at $2,810,693.60. The disclosure for this sale can be found here. Insiders have sold 294,561 shares of company stock valued at $9,254,498 over the last 90 days. Insiders own 0.59% of the company’s stock.
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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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