Corning Incorporated (GLW) Holdings Cut by Courier Capital LLC

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Courier Capital LLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 8.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,120 shares of the electronics maker’s stock after selling 2,076 shares during the period. Courier Capital LLC’s holdings in Corning were worth $816,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. grew its position in Corning by 0.8% in the second quarter. BlackRock Inc. now owns 55,077,324 shares of the electronics maker’s stock valued at $1,515,178,000 after acquiring an additional 451,656 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Corning by 5.3% during the second quarter. Bank of New York Mellon Corp now owns 12,247,720 shares of the electronics maker’s stock worth $336,934,000 after purchasing an additional 617,467 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Corning by 20.2% during the second quarter. Janus Henderson Group PLC now owns 5,868,673 shares of the electronics maker’s stock worth $161,450,000 after purchasing an additional 986,397 shares during the last quarter. Levin Capital Strategies L.P. grew its holdings in shares of Corning by 23.2% during the first quarter. Levin Capital Strategies L.P. now owns 5,620,258 shares of the electronics maker’s stock worth $156,693,000 after purchasing an additional 1,057,746 shares during the last quarter. Finally, Swiss National Bank grew its holdings in shares of Corning by 1.8% during the second quarter. Swiss National Bank now owns 2,837,612 shares of the electronics maker’s stock worth $78,063,000 after purchasing an additional 49,400 shares during the last quarter. Hedge funds and other institutional investors own 70.38% of the company’s stock.

In related news, EVP Clark S. Kinlin sold 45,298 shares of the company’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $33.15, for a total value of $1,501,628.70. Following the sale, the executive vice president now directly owns 72,741 shares in the company, valued at $2,411,364.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Wendell P. Weeks sold 237,470 shares of the company’s stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $32.87, for a total value of $7,805,638.90. The disclosure for this sale can be found here. Insiders sold 414,272 shares of company stock worth $13,759,300 over the last quarter. 0.46% of the stock is currently owned by company insiders.

Several analysts have recently weighed in on GLW shares. TheStreet upgraded Corning from a “c+” rating to a “b” rating in a report on Wednesday, July 25th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Guggenheim restated a “buy” rating on shares of Corning in a report on Wednesday, July 25th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a report on Tuesday, June 26th. Finally, Citigroup upgraded Corning from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $32.50 to $40.00 in a report on Friday, September 14th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Corning has a consensus rating of “Buy” and a consensus target price of $36.10.

NYSE:GLW opened at $32.13 on Friday. The stock has a market cap of $28.59 billion, a PE ratio of 18.68, a PEG ratio of 2.49 and a beta of 1.35. The company has a current ratio of 2.23, a quick ratio of 1.58 and a debt-to-equity ratio of 0.44. Corning Incorporated has a 1-year low of $26.11 and a 1-year high of $36.56.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 25th. The electronics maker reported $0.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.01. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The business had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same period in the prior year, the business posted $0.42 earnings per share. The firm’s revenue was up 10.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Corning Incorporated will post 1.73 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.24%. The ex-dividend date is Thursday, November 15th. Corning’s payout ratio is presently 41.86%.

About Corning

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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