Hosking Partners LLP Boosts Position in Corning Incorporated (GLW)

Hosking Partners LLP increased its stake in shares of Corning Incorporated (NYSE:GLW) by 1.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 151,076 shares of the electronics maker’s stock after purchasing an additional 2,440 shares during the quarter. Hosking Partners LLP’s holdings in Corning were worth $4,540,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Corning by 0.5% during the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after purchasing an additional 326,877 shares during the period. BlackRock Inc. boosted its holdings in shares of Corning by 1,930.0% during the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after purchasing an additional 54,041,176 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Corning by 5.7% during the second quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock worth $537,381,000 after purchasing an additional 971,936 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Corning by 12.8% during the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock worth $254,146,000 after purchasing an additional 1,071,544 shares during the period. Finally, Morgan Stanley boosted its holdings in shares of Corning by 20.0% during the first quarter. Morgan Stanley now owns 8,748,204 shares of the electronics maker’s stock worth $236,202,000 after purchasing an additional 1,456,304 shares during the period. Institutional investors and hedge funds own 71.35% of the company’s stock.

In other Corning news, 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 owns 72,039 shares in the company, valued at approximately $2,055,272.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Christine M. Pambianchi sold 33,000 shares of the stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total value of $942,480.00. Following the transaction, the vice president now owns 73,145 shares in the company, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. Insiders have sold a total of 127,888 shares of company stock worth $3,653,485 in the last quarter. Company insiders own 0.59% of the company’s stock.

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Shares of Corning Incorporated (GLW) opened at 29.25 on Friday. Corning Incorporated has a 1-year low of $22.23 and a 1-year high of $32.17. The firm has a market cap of $26.42 billion, a P/E ratio of 13.07 and a beta of 1.40. The firm’s 50-day moving average is $28.86 and its 200-day moving average is $28.82.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.02. The firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.37 EPS. On average, analysts anticipate that Corning Incorporated will post $1.70 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is 27.93%.

Several brokerages recently weighed in on GLW. Goldman Sachs Group, Inc. (The) lowered shares of Corning from a “neutral” rating to a “sell” rating and cut their price objective for the company from $29.00 to $26.00 in a research report on Tuesday, August 15th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Guggenheim reaffirmed a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Tuesday, August 15th. Finally, Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective on the stock in a research report on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and an average target price of $28.21.

About Corning

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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