WESPAC Advisors LLC acquired a new position in Corning Incorporated (NYSE:GLW) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 10,066 shares of the electronics maker’s stock, valued at approximately $355,000.
Several other institutional investors have also recently modified their holdings of the business. Private Advisor Group LLC raised its position in shares of Corning by 31.0% in the third quarter. Private Advisor Group LLC now owns 39,286 shares of the electronics maker’s stock worth $1,387,000 after acquiring an additional 9,304 shares during the period. Arrow Investment Advisors LLC acquired a new position in shares of Corning in the third quarter worth about $456,000. Sterling Capital Management LLC acquired a new position in shares of Corning in the third quarter worth about $221,000. Minneapolis Portfolio Management Group LLC raised its position in shares of Corning by 0.8% in the third quarter. Minneapolis Portfolio Management Group LLC now owns 1,714,572 shares of the electronics maker’s stock worth $60,524,000 after acquiring an additional 14,121 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Corning by 602.7% in the third quarter. Victory Capital Management Inc. now owns 92,362 shares of the electronics maker’s stock worth $3,260,000 after acquiring an additional 79,218 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.
A number of research analysts have weighed in on GLW shares. Zacks Investment Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Citigroup upgraded shares of Corning from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $32.50 to $40.00 in a research report on Friday, September 14th. Argus upped their price objective on shares of Corning from $36.00 to $42.00 and gave the stock a “positive” rating in a research report on Thursday, September 20th. UBS Group set a $36.00 price target on shares of Corning and gave the stock a “hold” rating in a research report on Wednesday, September 26th. Finally, Guggenheim restated a “buy” rating and set a $41.00 price target on shares of Corning in a research report on Tuesday, October 23rd. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Corning currently has a consensus rating of “Buy” and a consensus target price of $35.89.
GLW opened at $33.06 on Tuesday. Corning Incorporated has a twelve month low of $26.11 and a twelve month high of $36.56. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.51. The stock has a market cap of $26.34 billion, a P/E ratio of 19.22, a P/E/G ratio of 2.12 and a beta of 1.28.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share for the quarter, topping 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 firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.99 billion. During the same quarter in the prior year, the firm earned $0.40 EPS. The company’s revenue for the quarter was up 15.4% on a year-over-year basis. On average, sell-side analysts expect that Corning Incorporated will post 1.77 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be given a dividend of $0.18 per share. 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 dividend payout ratio (DPR) is presently 41.86%.
In other Corning news, 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 in the company, valued at approximately $2,033,164.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $36.18, for a total transaction of $1,109,532.06. Following the completion of the sale, the insider now owns 146,049 shares of the company’s stock, valued at approximately $5,284,052.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,892 shares of company stock valued at $2,087,018. Insiders own 0.46% of the company’s stock.
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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.
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