Minneapolis Portfolio Management Group LLC Buys 14,121 Shares of Corning Incorporated (GLW)

Minneapolis Portfolio Management Group LLC boosted its holdings in Corning Incorporated (NYSE:GLW) by 0.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,714,572 shares of the electronics maker’s stock after buying an additional 14,121 shares during the quarter. Corning accounts for 7.2% of Minneapolis Portfolio Management Group LLC’s holdings, making the stock its 2nd largest position. Minneapolis Portfolio Management Group LLC’s holdings in Corning were worth $60,524,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. GHP Investment Advisors Inc. grew its position in Corning by 2.5% in the second quarter. GHP Investment Advisors Inc. now owns 63,656 shares of the electronics maker’s stock worth $1,751,000 after buying an additional 1,550 shares during the last quarter. IFP Advisors Inc grew its position in Corning by 6.4% in the second quarter. IFP Advisors Inc now owns 25,922 shares of the electronics maker’s stock worth $713,000 after buying an additional 1,551 shares during the last quarter. Whittier Trust Co. grew its position in Corning by 21.7% in the second quarter. Whittier Trust Co. now owns 8,829 shares of the electronics maker’s stock worth $243,000 after buying an additional 1,575 shares during the last quarter. Chicago Partners Investment Group LLC grew its position in Corning by 5.5% in the second quarter. Chicago Partners Investment Group LLC now owns 32,433 shares of the electronics maker’s stock worth $892,000 after buying an additional 1,691 shares during the last quarter. Finally, Bessemer Group Inc. grew its position in Corning by 8.8% in the second quarter. Bessemer Group Inc. now owns 21,257 shares of the electronics maker’s stock worth $585,000 after buying an additional 1,714 shares during the last quarter. Hedge funds and other institutional investors own 70.31% of the company’s stock.

Several research analysts have issued reports on GLW shares. Guggenheim restated a “buy” rating on shares of Corning in a research report on Wednesday, July 25th. Morgan Stanley lifted their price target on shares of Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, July 26th. UBS Group lifted their price target on shares of Corning from $29.50 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, July 26th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Finally, TheStreet upgraded shares of Corning from a “c+” rating to a “b” rating in a research report on Wednesday, July 25th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $35.89.

In related news, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $36.18, for a total value of $1,109,532.06. Following the completion of the transaction, the insider now owns 146,049 shares of the company’s stock, valued at approximately $5,284,052.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $33.66, for a total transaction of $33,660.00. Following the completion of the transaction, the vice president now directly owns 60,403 shares of the company’s stock, valued at approximately $2,033,164.98. The disclosure for this sale can be found here. Insiders sold a total of 59,892 shares of company stock valued at $2,087,018 in the last ninety days. Company insiders own 0.46% of the company’s stock.

Corning stock opened at $32.91 on Friday. Corning Incorporated has a 52 week low of $26.11 and a 52 week high of $36.56. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.51. The company has a market capitalization of $25.57 billion, a P/E ratio of 18.91, a PEG ratio of 2.06 and a beta of 1.28.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 23rd. The electronics maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.99 billion. During the same quarter last year, the business posted $0.40 EPS. The company’s revenue was up 15.4% on a year-over-year basis. Equities analysts forecast that Corning Incorporated will post 1.77 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Thursday, November 15th. Corning’s dividend payout ratio is 41.86%.

Corning Company 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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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