Stifel Financial Corp Grows Stake in Corning Incorporated (GLW)

Stifel Financial Corp lifted its position in shares of Corning Incorporated (NYSE:GLW) by 5.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 743,853 shares of the electronics maker’s stock after buying an additional 36,622 shares during the quarter. Stifel Financial Corp owned approximately 0.09% of Corning worth $22,249,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in GLW. Jennison Associates LLC acquired a new position in shares of Corning during the 3rd quarter worth $275,460,000. Janus Henderson Group PLC raised its stake in shares of Corning by 4,900.2% during the 2nd quarter. Janus Henderson Group PLC now owns 5,881,755 shares of the electronics maker’s stock worth $176,747,000 after buying an additional 5,764,125 shares during the last quarter. Parametric Portfolio Associates LLC raised its stake in shares of Corning by 62.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 4,313,266 shares of the electronics maker’s stock worth $129,614,000 after buying an additional 1,654,301 shares during the last quarter. Schroder Investment Management Group raised its stake in shares of Corning by 1,623.6% during the 2nd quarter. Schroder Investment Management Group now owns 1,330,280 shares of the electronics maker’s stock worth $40,400,000 after buying an additional 1,253,100 shares during the last quarter. Finally, AJO LP increased its position in Corning by 233.1% during the 2nd quarter. AJO LP now owns 1,462,104 shares of the electronics maker’s stock worth $43,936,000 after purchasing an additional 1,023,184 shares in the last quarter. 72.43% of the stock is owned by institutional investors and hedge funds.

Corning Incorporated (GLW) traded up $0.03 on Wednesday, reaching $32.24. The company’s stock had a trading volume of 4,383,400 shares, compared to its average volume of 6,182,671. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26. The stock has a market cap of $27,992.34, a PE ratio of 18.51, a price-to-earnings-growth ratio of 2.68 and a beta of 1.33. Corning Incorporated has a 52 week low of $23.59 and a 52 week high of $32.78.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. The company had revenue of $2.61 billion during 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 firm’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 EPS. equities research analysts predict that Corning Incorporated will post 1.7 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is 26.38%.

In other Corning news, VP Eric S. Musser sold 29,949 shares of Corning stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $31.56, for a total value of $945,190.44. Following the completion of the sale, the vice president now owns 49,471 shares in the company, valued at approximately $1,561,304.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the sale, the chief executive officer now owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The disclosure for this sale can be found here. Insiders sold a total of 294,561 shares of company stock valued at $9,254,498 in the last 90 days. 0.59% of the stock is owned by company insiders.

A number of analysts recently commented on the company. Deutsche Bank lifted their price objective on Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Oppenheimer reiterated a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Guggenheim reiterated a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Tuesday, October 24th. Zacks Investment Research upgraded Corning from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 26th. Finally, Citigroup lifted their price objective on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $29.28.

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Corning 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).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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