Commonwealth Equity Services Inc raised its position in shares of Corning Incorporated (NYSE:GLW) by 2.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 546,880 shares of the electronics maker’s stock after purchasing an additional 15,481 shares during the quarter. Commonwealth Equity Services Inc owned 0.06% of Corning worth $16,362,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. GLG Partners LP bought a new stake in shares of Corning during the 2nd quarter valued at about $102,000. MPS Loria Financial Planners LLC bought a new stake in shares of Corning during the 2nd quarter valued at about $112,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Corning by 241.6% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after purchasing an additional 2,650 shares during the period. Central Bank & Trust Co. grew its stake in shares of Corning by 8.8% during the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after purchasing an additional 345 shares during the period. Finally, Harfst & Associates Inc. grew its stake in shares of Corning by 44.7% during the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after purchasing an additional 1,481 shares during the period. Institutional investors and hedge funds own 73.54% of the company’s stock.
In other news, VP Christine M. Pambianchi sold 33,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total transaction of $942,480.00. Following the transaction, the vice president now owns 73,145 shares of the company’s stock, valued at approximately $2,089,021.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Hansel E. Tookes II sold 6,513 shares of the business’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total value of $205,810.80. Following the transaction, the director now directly owns 88,946 shares in the company, valued at approximately $2,810,693.60. The disclosure for this sale can be found here. Insiders have sold a total of 422,449 shares of company stock worth $12,907,983 over the last ninety days. Insiders own 0.59% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) traded up $0.05 on Friday, hitting $31.71. The stock had a trading volume of 1,340,000 shares, compared to its average volume of 5,680,000. The stock has a market cap of $27,560.00, a PE ratio of 18.00, a price-to-earnings-growth ratio of 2.61 and a beta of 1.33. Corning Incorporated has a twelve month low of $23.48 and a twelve month high of $32.33. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.42 EPS. analysts expect that Corning Incorporated will post 1.7 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 annualized dividend and a dividend yield of 1.96%. Corning’s dividend payout ratio (DPR) is 26.38%.
GLW has been the topic of a number of analyst reports. BidaskClub raised Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Drexel Hamilton reaffirmed a “sell” rating and set a $17.50 price objective on shares of Corning in a research report on Wednesday, July 26th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Guggenheim reaffirmed a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Tuesday, October 24th. Finally, Zacks Investment Research cut Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $29.28.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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