Northern Trust Corp Lowers Position in Corning Incorporated (GLW)

Northern Trust Corp decreased its position in Corning Incorporated (NYSE:GLW) by 5.4% in the second quarter, HoldingsChannel.com reports. The firm owned 9,524,621 shares of the electronics maker’s stock after selling 541,383 shares during the period. Northern Trust Corp’s holdings in Corning were worth $262,023,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Moody Aldrich Partners LLC purchased a new stake in shares of Corning in the second quarter valued at approximately $51,526,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of Corning in the second quarter valued at approximately $196,000. Chicago Partners Investment Group LLC boosted its holdings in shares of Corning by 5.5% in the second quarter. Chicago Partners Investment Group LLC now owns 32,433 shares of the electronics maker’s stock valued at $892,000 after purchasing an additional 1,691 shares during the period. Truvestments Capital LLC purchased a new stake in shares of Corning in the second quarter valued at approximately $1,264,000. Finally, HM Payson & Co. purchased a new stake in shares of Corning in the second quarter valued at approximately $220,000. Hedge funds and other institutional investors own 70.32% of the company’s stock.

A number of analysts have weighed in on GLW shares. UBS Group upped their target price on Corning from $29.50 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, July 26th. Morgan Stanley upped their target price on Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, July 26th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a report on Wednesday, August 8th. Argus upped their target price on Corning from $36.00 to $42.00 and gave the stock a “positive” rating in a report on Thursday, September 20th. Finally, ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $35.14.

Corning stock opened at $35.69 on Tuesday. The company has a quick ratio of 1.58, a current ratio of 2.23 and a debt-to-equity ratio of 0.44. The firm has a market cap of $29.10 billion, a price-to-earnings ratio of 22.31, a P/E/G ratio of 2.53 and a beta of 1.36. Corning Incorporated has a twelve month low of $26.11 and a twelve month high of $36.56.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.67 billion. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. Corning’s revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.42 earnings per share. analysts anticipate that Corning Incorporated will post 1.73 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, August 31st will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Thursday, August 30th. Corning’s payout ratio is presently 41.86%.

In other news, VP Edward A. Schlesinger sold 3,953 shares of the company’s stock in a transaction on Monday, July 30th. The stock was sold at an average price of $33.46, for a total transaction of $132,267.38. Following the transaction, the vice president now directly owns 25,991 shares of the company’s stock, valued at $869,658.86. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Wendell P. Weeks sold 237,470 shares of the company’s stock in a transaction on Thursday, August 2nd. The stock was 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. Over the last ninety days, insiders have sold 414,272 shares of company stock worth $13,759,300. Insiders own 0.46% of the company’s stock.

Corning Profile

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.

Further Reading: Stock Symbols and CUSIP Explained

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply