Evanston Investments Inc. dba Evanston Advisors boosted its holdings in Corning Incorporated (NYSE:GLW) by 2.8% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 269,907 shares of the electronics maker’s stock after acquiring an additional 7,371 shares during the quarter. Corning accounts for about 1.9% of Evanston Investments Inc. dba Evanston Advisors’ investment portfolio, making the stock its 20th largest position. Evanston Investments Inc. dba Evanston Advisors’ holdings in Corning were worth $8,076,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Andra AP fonden increased its stake in Corning by 3.4% in the 2nd quarter. Andra AP fonden now owns 166,100 shares of the electronics maker’s stock worth $4,991,000 after acquiring an additional 5,500 shares during the last quarter. Legal & General Group Plc increased its stake in Corning by 2.9% in the 2nd quarter. Legal & General Group Plc now owns 5,063,968 shares of the electronics maker’s stock worth $152,175,000 after acquiring an additional 144,400 shares during the last quarter. Convergence Investment Partners LLC increased its stake in Corning by 21.1% in the 2nd quarter. Convergence Investment Partners LLC now owns 101,315 shares of the electronics maker’s stock worth $3,045,000 after acquiring an additional 17,670 shares during the last quarter. BB&T Securities LLC increased its stake in Corning by 33.6% in the 2nd quarter. BB&T Securities LLC now owns 135,775 shares of the electronics maker’s stock worth $4,080,000 after acquiring an additional 34,132 shares during the last quarter. Finally, Wedbush Securities Inc. increased its position in shares of Corning by 0.4% during the 2nd quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock valued at $318,000 after purchasing an additional 41 shares during the last quarter. Institutional investors and hedge funds own 72.78% of the company’s stock.
Several brokerages have recently commented on GLW. Goldman Sachs Group Inc lowered Corning from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $29.00 to $26.00 in a research report on Tuesday, August 15th. Zacks Investment Research lowered Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. Deutsche Bank AG increased their price objective on Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Guggenheim reiterated a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Tuesday, August 15th. Finally, BidaskClub upgraded Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Two investment 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 stock. Corning presently has a consensus rating of “Hold” and an average price target of $29.28.
In related news, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 65,333 shares in the company, valued at approximately $2,049,496.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total value of $1,376,856.25. Following the sale, the insider now owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The disclosure for this sale can be found here. Insiders have sold a total of 375,686 shares of company stock valued at $11,573,835 over the last 90 days. 0.59% of the stock is currently owned by company insiders.
Shares of Corning Incorporated (NYSE GLW) traded down $0.04 during mid-day trading on Monday, reaching $31.81. The company had a trading volume of 378,263 shares, compared to its average volume of 6,164,896. The stock has a market cap of $27,679.47, a PE ratio of 18.30, a PEG ratio of 2.65 and a beta of 1.33. 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 current ratio of 2.69 and a quick ratio of 2.14.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.02. The company had revenue of $2.61 billion during 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%. Corning’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.42 EPS. research analysts anticipate that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be issued 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 dividend payout ratio is presently 26.38%.
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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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