Gabelli Funds LLC Decreases Stake in Corning Incorporated (GLW)

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Gabelli Funds LLC lessened its position in Corning Incorporated (NYSE:GLW) by 8.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 937,000 shares of the electronics maker’s stock after selling 89,000 shares during the quarter. Gabelli Funds LLC’s holdings in Corning were worth $33,076,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Moody Aldrich Partners LLC purchased a new position in shares of Corning in the second quarter valued at approximately $51,526,000. TRUE Private Wealth Advisors purchased a new position in shares of Corning in the third quarter valued at approximately $100,000. NEXT Financial Group Inc purchased a new position in shares of Corning in the third quarter valued at approximately $117,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Corning by 16,371.4% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock valued at $127,000 after acquiring an additional 4,584 shares in the last quarter. Finally, City Holding Co. purchased a new position in shares of Corning in the second quarter valued at approximately $137,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

In related news, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the business’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $36.18, for a total transaction of $1,109,532.06. Following the completion of the transaction, the insider now directly owns 146,049 shares of the company’s stock, valued at approximately $5,284,052.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Christine M. Pambianchi sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $33.42, for a total value of $334,200.00. Following the transaction, the vice president now directly owns 50,403 shares of the company’s stock, valued at $1,684,468.26. The disclosure for this sale can be found here. Insiders have sold a total of 59,892 shares of company stock valued at $2,087,018 over the last three months. 0.46% of the stock is currently owned by insiders.

Several equities analysts have recently weighed in on the company. UBS Group raised their target price on Corning from $29.50 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, July 26th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Monday, October 22nd. Morgan Stanley lifted their price objective on Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, July 26th. Argus lifted their price objective on Corning from $36.00 to $42.00 and gave the stock a “positive” rating in a research report on Thursday, September 20th. Finally, ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $35.89.

Shares of Corning stock opened at $33.38 on Wednesday. Corning Incorporated has a one year low of $26.11 and a one year high of $36.56. The company has a market cap of $26.34 billion, a P/E ratio of 19.41, a P/E/G ratio of 2.12 and a beta of 1.28. The company has a current ratio of 2.13, a quick ratio of 1.51 and a debt-to-equity ratio of 0.43.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.03. The company had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.99 billion. Corning had a positive return on equity of 13.22% and a negative net margin of 5.86%. The firm’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.40 earnings per share. On average, research analysts predict that Corning Incorporated will post 1.77 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 paid a dividend of $0.18 per share. The ex-dividend date is Thursday, November 15th. This represents a $0.72 annualized dividend and a yield of 2.16%. Corning’s payout ratio is 41.86%.

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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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