Cwm LLC lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 61.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 86,322 shares of the electronics maker’s stock after purchasing an additional 32,810 shares during the period. Cwm LLC’s holdings in Corning were worth $3,047,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. TRUE Private Wealth Advisors acquired a new stake in Corning during the third quarter worth about $100,000. Founders Capital Management acquired a new stake in Corning during the second quarter worth about $105,000. NEXT Financial Group Inc acquired a new stake in Corning during the third quarter worth about $117,000. Migdal Insurance & Financial Holdings Ltd. raised its stake in Corning by 16,371.4% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after acquiring an additional 4,584 shares during the period. Finally, City Holding Co. acquired a new stake in Corning during the second quarter worth about $137,000. 70.31% of the stock is currently owned by institutional investors and hedge funds.
In other Corning news, VP Eric S. Musser sold 18,225 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $33.45, for a total value of $609,626.25. Following the sale, the vice president now owns 59,815 shares in the company, valued at $2,000,811.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $33.66, for a total transaction of $33,660.00. Following the completion of the sale, the vice president now owns 60,403 shares in the company, valued at approximately $2,033,164.98. The disclosure for this sale can be found here. Insiders sold 59,892 shares of company stock worth $2,087,018 in the last 90 days. 0.46% of the stock is owned by company insiders.
Several equities research analysts recently weighed in on GLW shares. Guggenheim reiterated a “buy” rating on shares of Corning in a research note on Wednesday, July 25th. Morgan Stanley increased their price objective on shares of Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, July 26th. UBS Group increased their price objective on shares of Corning from $29.50 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, July 26th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th. Finally, TheStreet upgraded shares of Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $35.89.
Shares of NYSE:GLW opened at $33.10 on Friday. Corning Incorporated has a 52 week low of $26.11 and a 52 week high of $36.56. The company has a market capitalization of $25.00 billion, a price-to-earnings ratio of 19.24, a PEG ratio of 2.01 and a beta of 1.35. The company has a current ratio of 2.13, a quick ratio of 1.51 and a debt-to-equity ratio of 0.43.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.48 by $0.03. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.99 billion. During the same quarter last year, the business earned $0.40 earnings per share. Corning’s revenue was up 15.4% compared to the same quarter last year. Sell-side analysts predict that Corning Incorporated will post 1.77 EPS for the current 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 $0.18 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.18%. Corning’s payout ratio is currently 41.86%.
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.
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