Sumitomo Mitsui Trust Holdings Inc. trimmed its holdings in Corning Incorporated (NYSE:GLW) by 12.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,799,807 shares of the electronics maker’s stock after selling 410,501 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.32% of Corning worth $83,770,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of GLW. GLG Partners LP bought a new position in Corning in the 2nd quarter worth approximately $102,000. MPS Loria Financial Planners LLC bought a new position in Corning in the 2nd quarter worth approximately $112,000. Benjamin F. Edwards & Company Inc. grew its holdings in Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after buying an additional 2,650 shares in the last quarter. Central Bank & Trust Co. boosted its stake in 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 in the last quarter. Finally, Harfst & Associates Inc. boosted its stake in 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 in the last quarter. 73.54% of the stock is owned by institutional investors and hedge funds.
In other Corning news, insider Mark S. Rogus sold 9,242 shares of the stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total transaction of $296,853.04. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Clark S. Kinlin sold 46,763 shares of the stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the transaction, the insider now directly owns 72,039 shares in the company, valued at $2,055,272.67. The disclosure for this sale can be found here. Insiders have sold 422,449 shares of company stock worth $12,907,983 over the last three months. Company insiders own 0.59% of the company’s stock.
GLW has been the subject of a number of research reports. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $35.00 price target on shares of Corning in a research note on Thursday, August 24th. BidaskClub lowered Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Drexel Hamilton reaffirmed a “sell” rating and set a $17.50 price target on shares of Corning in a research note on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “hold” rating and set a $29.50 price target on shares of Corning in a research note on Friday, October 6th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $29.28.
Corning Incorporated (NYSE GLW) traded up $0.33 during midday trading on Friday, hitting $31.65. 4,753,300 shares of the stock were exchanged, compared to its average volume of 6,227,440. Corning Incorporated has a 1-year low of $23.48 and a 1-year 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. The firm has a market capitalization of $27,510.00, a P/E ratio of 18.00, a PEG ratio of 2.61 and a beta of 1.33.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the Zacks’ 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 business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the prior year, the business posted $0.42 earnings per share. Corning’s revenue for the quarter was up 4.0% compared to the same quarter last year. analysts anticipate that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The firm also recently announced 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 1.96%. The ex-dividend date is Wednesday, November 15th. Corning’s payout ratio is 26.38%.
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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