Rathbone Brothers plc raised its stake in Corning Incorporated (NYSE:GLW) by 6.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 77,739 shares of the electronics maker’s stock after acquiring an additional 4,500 shares during the quarter. Rathbone Brothers plc’s holdings in Corning were worth $2,744,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. GSA Capital Partners LLP purchased a new position in Corning during the first quarter worth about $490,000. Susquehanna Fundamental Investments LLC purchased a new position in Corning during the first quarter worth about $1,313,000. Natixis purchased a new position in Corning during the first quarter worth about $885,000. LPL Financial LLC lifted its position in Corning by 40.3% during the first quarter. LPL Financial LLC now owns 294,464 shares of the electronics maker’s stock worth $8,210,000 after buying an additional 84,556 shares during the period. Finally, Amundi Pioneer Asset Management Inc. lifted its position in Corning by 10.1% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 329,623 shares of the electronics maker’s stock worth $9,190,000 after buying an additional 30,127 shares during the period. Hedge funds and other institutional investors own 70.38% of the company’s stock.
Shares of NYSE:GLW opened at $32.13 on Friday. The stock has a market cap of $28.59 billion, a price-to-earnings ratio of 18.68, a PEG ratio of 2.49 and a beta of 1.35. The company has a quick ratio of 1.58, a current ratio of 2.23 and a debt-to-equity ratio of 0.44. Corning Incorporated has a 12 month low of $26.11 and a 12 month high of $36.56.
Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, July 25th. The electronics maker reported $0.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.01. The company had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.67 billion. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The firm’s revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.42 earnings per share. Research analysts predict that Corning Incorporated will post 1.73 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 16th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, November 15th. This represents a $0.72 annualized dividend and a yield of 2.24%. Corning’s dividend payout ratio is presently 41.86%.
In other news, CEO Wendell P. Weeks sold 237,470 shares of the stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $32.87, for a total value of $7,805,638.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Christine M. Pambianchi sold 1,000 shares of the stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $33.66, for a total value of $33,660.00. Following the completion of the sale, the vice president now owns 60,403 shares of the company’s stock, valued at approximately $2,033,164.98. The disclosure for this sale can be found here. Insiders have sold 414,272 shares of company stock valued at $13,759,300 over the last 90 days. 0.46% of the stock is currently owned by insiders.
Several research firms recently weighed in on GLW. Goldman Sachs Group upgraded Corning from a “sell” rating to a “neutral” rating and set a $29.00 target price on the stock in a research report on Wednesday, June 20th. Guggenheim reiterated a “buy” rating on shares of Corning in a research report on Wednesday, July 25th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a research report on Wednesday, August 8th. Morgan Stanley increased their target price on Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, July 26th. Finally, Citigroup upgraded Corning from a “neutral” rating to a “buy” rating and increased their target price for the stock from $32.50 to $40.00 in a research report on Friday, September 14th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $36.10.
Corning Company Profile
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
Further Reading: Treasury Bonds
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.