Laurion Capital Management LP purchased a new stake in shares of Corning Incorporated (NYSE:GLW) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 6,600 shares of the electronics maker’s stock, valued at approximately $233,000.
Other hedge funds have also added to or reduced their stakes in the company. TRUE Private Wealth Advisors acquired a new stake in Corning during the 3rd quarter valued at $100,000. Trustcore Financial Services LLC increased its holdings in Corning by 233.3% during the 3rd quarter. Trustcore Financial Services LLC now owns 3,000 shares of the electronics maker’s stock valued at $106,000 after purchasing an additional 2,100 shares in the last quarter. NEXT Financial Group Inc acquired a new stake in Corning during the 3rd quarter valued at $117,000. City Holding Co. acquired a new stake in Corning during the 2nd quarter valued at $137,000. Finally, Edge Wealth Management LLC acquired a new stake in Corning during the 3rd quarter valued at $177,000. 70.83% of the stock is owned by hedge funds and other institutional investors.
GLW has been the subject of a number of recent analyst reports. Guggenheim reaffirmed a “buy” rating and set a $41.00 price target on shares of Corning in a report on Tuesday, October 23rd. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a report on Monday, October 22nd. Citigroup raised Corning from a “neutral” rating to a “buy” rating and raised their price target for the company from $32.50 to $40.00 in a report on Friday, September 14th. Finally, ValuEngine cut Corning from a “buy” rating to a “hold” rating in a report on Monday, November 12th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $36.11.
In other news, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of Corning stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $36.18, for a total value of $1,109,532.06. Following the completion of the sale, the insider now directly owns 146,049 shares of the company’s stock, valued at approximately $5,284,052.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David L. Morse sold 30,151 shares of Corning stock in a transaction on Friday, November 30th. The shares were sold at an average price of $32.16, for a total value of $969,656.16. The disclosure for this sale can be found here. Insiders sold a total of 77,975 shares of company stock valued at $2,622,698 over the last three months. Insiders own 0.46% of the company’s stock.
NYSE GLW opened at $31.43 on Friday. The firm has a market capitalization of $25.16 billion, a PE ratio of 18.27, a PEG ratio of 2.02 and a beta of 1.29. Corning Incorporated has a 52 week low of $26.11 and a 52 week high of $36.56. The company has a quick ratio of 1.51, a current ratio of 2.13 and a debt-to-equity ratio of 0.43.
Corning (NYSE:GLW) last released its earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.03. The company had revenue of $3.01 billion during the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 15.4% on a year-over-year basis. During the same period last year, the firm earned $0.40 EPS. As a group, equities research analysts expect that Corning Incorporated will post 1.77 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 14th. Stockholders of record on Friday, November 16th were paid a $0.18 dividend. The ex-dividend date of this dividend was Thursday, November 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.29%. Corning’s dividend payout ratio (DPR) is currently 41.86%.
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Corning, Inc develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.
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