State of Tennessee Treasury Department decreased its position in Corning Incorporated (NYSE:GLW) by 2.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 245,745 shares of the electronics maker’s stock after selling 5,950 shares during the quarter. State of Tennessee Treasury Department’s holdings in Corning were worth $7,353,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of GLW. BlackRock Inc. raised its holdings in Corning by 1,930.0% in 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 in the last quarter. Janus Henderson Group PLC raised its holdings in Corning by 4,900.2% in the second quarter. Janus Henderson Group PLC now owns 5,881,755 shares of the electronics maker’s stock worth $176,747,000 after purchasing an additional 5,764,125 shares in the last quarter. Janus Capital Management LLC raised its holdings in Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock worth $152,763,000 after purchasing an additional 2,127,260 shares in the last quarter. Gotham Asset Management LLC raised its holdings in Corning by 17,844.0% in the first quarter. Gotham Asset Management LLC now owns 1,717,781 shares of the electronics maker’s stock worth $46,380,000 after purchasing an additional 1,708,208 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its holdings in Corning by 62.2% in the second quarter. Parametric Portfolio Associates LLC now owns 4,313,266 shares of the electronics maker’s stock worth $129,614,000 after purchasing an additional 1,654,301 shares in the last quarter. Institutional investors and hedge funds own 73.54% of the company’s stock.
In other Corning news, VP Christine M. Pambianchi sold 33,000 shares of the firm’s stock in a transaction dated 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 directly owns 73,145 shares of the company’s stock, valued at $2,089,021.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Clark S. Kinlin sold 46,763 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $28.53, for a total value of $1,334,148.39. Following the completion of 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 sold 422,449 shares of company stock worth $12,907,983 over the last three months. Insiders own 0.59% of the company’s stock.
Shares of Corning Incorporated (GLW) opened at $31.73 on Monday. Corning Incorporated has a twelve month low of $23.11 and a twelve month high of $32.33. The company has a market capitalization of $27,575.19, a PE ratio of 18.24, a P/E/G ratio of 2.64 and a beta of 1.33. 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 announced its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. The business had revenue of $2.61 billion for 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%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period last year, the firm posted $0.42 earnings per share. analysts predict that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.
The company 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 $0.155 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 annualized dividend and a yield of 1.95%. Corning’s payout ratio is 26.38%.
Several brokerages have recently weighed in on GLW. BidaskClub upgraded Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Guggenheim restated a “buy” rating and set a $35.00 price target on shares of Corning in a report on Tuesday, August 15th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Susquehanna Bancshares Inc restated a “positive” rating and set a $35.00 price target on shares of Corning in a report on Thursday, August 24th. Finally, Citigroup Inc. raised their price target on Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Corning has a consensus rating of “Hold” and an average target price of $29.28.
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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