Laffer Investments cut its holdings in Corning Incorporated (NYSE:GLW) by 6.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,195 shares of the electronics maker’s stock after selling 5,075 shares during the period. Laffer Investments’ holdings in Corning were worth $2,130,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. GLG Partners LP bought a new position in shares of Corning in the second quarter valued at approximately $102,000. MPS Loria Financial Planners LLC bought a new position in Corning during the second quarter valued at $112,000. Benjamin F. Edwards & Company Inc. grew its holdings in Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after purchasing an additional 2,650 shares during the period. Harfst & Associates Inc. grew its holdings in Corning by 44.7% during the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after purchasing an additional 1,481 shares during the period. Finally, Grove Bank & Trust grew its holdings in Corning by 31.7% during the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock valued at $158,000 after purchasing an additional 1,265 shares during the period. 72.43% of the stock is owned by institutional investors.
Shares of Corning Incorporated (NYSE GLW) opened at $32.29 on Thursday. The stock has a market capitalization of $28,366.03, a price-to-earnings ratio of 18.76, a price-to-earnings-growth ratio of 2.72 and a beta of 1.33. Corning Incorporated has a 12-month low of $24.12 and a 12-month high of $32.81. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 earnings per share. sell-side analysts forecast 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. Shareholders of record on Thursday, November 16th will be given 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 currently 26.38%.
In other Corning news, insider Mark S. Rogus sold 9,242 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total transaction of $296,853.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Eric S. Musser sold 29,949 shares of the stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $31.56, for a total value of $945,190.44. Following the sale, the vice president now owns 49,471 shares in the company, valued at approximately $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. Company insiders own 0.59% of the company’s stock.
Several equities analysts have weighed in on the company. Guggenheim reissued a “buy” rating and set a $35.00 price objective on shares of Corning in a report on Tuesday. Oppenheimer reissued a “hold” rating on shares of Corning in a report on Wednesday, October 25th. BidaskClub lowered Corning from a “buy” rating to a “hold” rating in a report on Saturday, August 19th. Zacks Investment Research raised Corning from a “strong sell” rating to a “hold” rating in a report on Thursday, October 26th. Finally, Jefferies Group reissued a “hold” rating and set a $29.50 price objective on shares of Corning in a report on Friday, October 6th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Corning has an average rating of “Hold” and an average price target 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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