Boys Arnold & Co. Inc. acquired a new stake in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 6,300 shares of the electronics maker’s stock, valued at approximately $222,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. GHP Investment Advisors Inc. boosted its holdings in shares of Corning by 2.5% during the 2nd quarter. GHP Investment Advisors Inc. now owns 63,656 shares of the electronics maker’s stock valued at $1,751,000 after acquiring an additional 1,550 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Corning by 6.4% during the 2nd quarter. IFP Advisors Inc now owns 25,922 shares of the electronics maker’s stock valued at $713,000 after acquiring an additional 1,551 shares in the last quarter. Whittier Trust Co. boosted its holdings in shares of Corning by 21.7% during the 2nd quarter. Whittier Trust Co. now owns 8,829 shares of the electronics maker’s stock valued at $243,000 after acquiring an additional 1,575 shares in the last quarter. Chicago Partners Investment Group LLC boosted its holdings in shares of Corning by 5.5% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 32,433 shares of the electronics maker’s stock valued at $892,000 after acquiring an additional 1,691 shares in the last quarter. Finally, Bessemer Group Inc. boosted its holdings in shares of Corning by 8.8% during the 2nd quarter. Bessemer Group Inc. now owns 21,257 shares of the electronics maker’s stock valued at $585,000 after acquiring an additional 1,714 shares in the last quarter. 70.31% of the stock is currently owned by institutional investors.
In other news, VP Eric S. Musser sold 18,225 shares of Corning stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $33.45, for a total value of $609,626.25. Following the completion of the transaction, the vice president now directly owns 59,815 shares of the company’s stock, valued at approximately $2,000,811.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 10,000 shares of Corning stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $33.42, for a total value of $334,200.00. Following the completion of the transaction, the vice president now directly owns 50,403 shares of the company’s stock, valued at $1,684,468.26. The disclosure for this sale can be found here. Insiders have sold a total of 59,892 shares of company stock worth $2,087,018 over the last ninety days. Company insiders own 0.46% of the company’s stock.
Shares of GLW opened at $32.91 on Friday. The stock has a market cap of $25.00 billion, a price-to-earnings ratio of 19.13, a P/E/G ratio of 2.01 and a beta of 1.35. Corning Incorporated has a 12 month low of $26.11 and a 12 month high of $36.56. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.51 and a current ratio of 2.13.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.03. The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.99 billion. Corning had a positive return on equity of 13.22% and a negative net margin of 5.86%. The business’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.40 EPS. On average, equities research analysts forecast that Corning Incorporated will post 1.77 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 16th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.19%. The ex-dividend date is Thursday, November 15th. Corning’s payout ratio is presently 41.86%.
Several research firms recently weighed in on GLW. Argus raised their price objective on Corning from $36.00 to $42.00 and gave the company a “positive” rating in a report on Thursday, September 20th. UBS Group set a $36.00 target price on Corning and gave the stock a “hold” rating in a report on Wednesday, September 26th. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Citigroup raised Corning from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $32.50 to $40.00 in a report on Friday, September 14th. Finally, ValuEngine raised Corning from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $35.89.
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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