First Business Financial Services Inc. cut its position in Corning Incorporated (NYSE:GLW) by 12.8% during the third quarter, HoldingsChannel.com reports. The fund owned 12,970 shares of the electronics maker’s stock after selling 1,900 shares during the period. First Business Financial Services Inc.’s holdings in Corning were worth $370,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Manchester Financial Inc. purchased a new stake in shares of Corning in the 2nd quarter valued at $29,000. Horan Securities Inc. bought a new stake in Corning during the third quarter worth about $29,000. B & T Capital Management DBA Alpha Capital Management bought a new stake in Corning during the third quarter worth about $29,000. TRUE Private Wealth Advisors bought a new stake in Corning during the second quarter worth about $31,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in Corning during the second quarter worth about $33,000. 71.13% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Lewis A. Steverson sold 63,381 shares of Corning stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $30.19, for a total value of $1,913,472.39. Following the completion of the transaction, the vice president now owns 18,422 shares of the company’s stock, valued at approximately $556,160.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Hansel E. Tookes II sold 2,345 shares of Corning stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $30.00, for a total transaction of $70,350.00. Following the completion of the transaction, the director now directly owns 89,208 shares of the company’s stock, valued at approximately $2,676,240. The disclosure for this sale can be found here. In the last three months, insiders sold 76,393 shares of company stock valued at $2,283,698. Insiders own 0.46% of the company’s stock.
Several analysts have recently commented on the stock. Argus set a $42.00 price target on shares of Corning and gave the company a “buy” rating in a research note on Wednesday, September 18th. JPMorgan Chase & Co. set a $30.00 target price on shares of Corning and gave the company a “hold” rating in a research report on Tuesday, September 17th. Cross Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, September 17th. Morgan Stanley decreased their target price on shares of Corning from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. Finally, UBS Group decreased their target price on shares of Corning from $33.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Corning has a consensus rating of “Hold” and an average target price of $32.64.
Corning stock traded up $0.18 during mid-day trading on Friday, reaching $30.37. The company’s stock had a trading volume of 2,609,186 shares, compared to its average volume of 4,990,255. The company has a market capitalization of $23.11 billion, a price-to-earnings ratio of 17.06, a price-to-earnings-growth ratio of 2.13 and a beta of 1.16. Corning Incorporated has a 12 month low of $26.75 and a 12 month high of $35.34. The business’s 50 day simple moving average is $29.02 and its 200 day simple moving average is $30.31. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.06 and a current ratio of 1.71.
Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.04. The business had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.87 billion. Corning had a net margin of 10.41% and a return on equity of 15.19%. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.51 earnings per share. As a group, sell-side analysts expect that Corning Incorporated will post 1.75 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Thursday, November 14th. Corning’s dividend payout ratio (DPR) is presently 44.94%.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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