Corning Incorporated (GLW) Shares Sold by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 3.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 798,954 shares of the electronics maker’s stock after selling 27,896 shares during the period. Gateway Investment Advisers LLC owned about 0.09% of Corning worth $25,559,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Corning by 1.6% during the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock valued at $1,866,151,000 after buying an additional 965,976 shares during the last quarter. Jennison Associates LLC purchased a new stake in Corning during the third quarter valued at approximately $275,460,000. Dimensional Fund Advisors LP increased its holdings in Corning by 0.7% during the third quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock valued at $242,077,000 after buying an additional 56,973 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Corning by 17.0% during the third quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock valued at $205,899,000 after buying an additional 999,912 shares during the last quarter. Finally, TCW Group Inc. increased its holdings in Corning by 1.9% during the third quarter. TCW Group Inc. now owns 6,081,608 shares of the electronics maker’s stock valued at $181,962,000 after buying an additional 114,855 shares during the last quarter. Institutional investors own 72.12% of the company’s stock.

Shares of Corning Incorporated (GLW) opened at $34.83 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14. The stock has a market cap of $30,270.00, a price-to-earnings ratio of 14.82, a PEG ratio of 2.81 and a beta of 1.33. Corning Incorporated has a 52 week low of $24.25 and a 52 week high of $35.00.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.42 earnings per share. research analysts anticipate that Corning Incorporated will post 1.7 EPS for the current year.

In other news, Director Deborah Rieman sold 2,083 shares of the stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total value of $66,989.28. Following the completion of the sale, the director now directly owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at $2,049,496.21. The disclosure for this sale can be found here. Over the last three months, insiders sold 348,320 shares of company stock valued at $10,996,824. Corporate insiders own 0.59% of the company’s stock.

A number of analysts have commented on the stock. Barclays set a $38.00 target price on shares of Corning and gave the company a “buy” rating in a report on Wednesday, January 10th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating in a report on Friday, December 22nd. Guggenheim reaffirmed a “buy” rating and set a $35.00 target price on shares of Corning in a report on Tuesday, December 12th. Finally, Citigroup upped their target price on shares of Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $30.48.

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About Corning

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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