Estabrook Capital Management raised its position in Corning Incorporated (NYSE:GLW) by 3.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 397,366 shares of the electronics maker’s stock after purchasing an additional 14,054 shares during the period. Corning accounts for 1.8% of Estabrook Capital Management’s investment portfolio, making the stock its 17th largest holding. Estabrook Capital Management’s holdings in Corning were worth $11,889,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. GLG Partners LP purchased a new position in shares of Corning in the 2nd quarter valued at $102,000. MPS Loria Financial Planners LLC purchased a new position in shares of Corning in the 2nd quarter valued at $112,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after buying an additional 2,650 shares during the last quarter. Central Bank & Trust Co. grew its position in shares of Corning by 8.8% in the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after buying an additional 345 shares during the last quarter. Finally, Harfst & Associates Inc. grew its position in shares of Corning by 44.7% in the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after buying an additional 1,481 shares during the last quarter. 72.78% of the stock is currently owned by institutional investors.
In other Corning news, VP Christine M. Pambianchi sold 33,000 shares of the firm’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following the transaction, the vice president now directly owns 73,145 shares of the company’s stock, valued at approximately $2,089,021.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 248,857 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the transaction, the chief executive officer now directly owns 65,333 shares in the company, valued at $2,049,496.21. The disclosure for this sale can be found here. Insiders have sold a total of 375,686 shares of company stock worth $11,573,835 over the last three months. 0.59% of the stock is currently owned by insiders.
Corning Incorporated (GLW) opened at $31.85 on Friday. Corning Incorporated has a 52-week low of $23.48 and a 52-week high of $32.33. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. The stock has a market cap of $27,679.47, a price-to-earnings ratio of 18.30, a price-to-earnings-growth ratio of 2.65 and a beta of 1.33.
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. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same period last year, the firm posted $0.42 EPS. Corning’s revenue for the quarter was up 4.0% on a year-over-year basis. equities analysts anticipate that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s payout ratio is currently 26.38%.
A number of research firms recently commented on GLW. Zacks Investment Research raised shares of Corning from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 26th. Citigroup Inc. increased their target price on shares of Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, October 25th. Deutsche Bank AG increased their target price on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $35.00 target price on shares of Corning in a research report on Tuesday, October 24th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Corning presently has an average rating of “Hold” and an average price target of $29.28.
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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