WINTON GROUP Ltd reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 12.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 690,667 shares of the electronics maker’s stock after selling 98,430 shares during the quarter. WINTON GROUP Ltd owned 0.09% of Corning worth $24,381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Bbva Compass Bancshares Inc. purchased a new stake in Corning in the third quarter worth about $245,000. HL Financial Services LLC increased its position in Corning by 4.9% in the third quarter. HL Financial Services LLC now owns 190,174 shares of the electronics maker’s stock worth $6,713,000 after buying an additional 8,820 shares in the last quarter. WESPAC Advisors LLC purchased a new stake in Corning in the third quarter worth about $355,000. Private Advisor Group LLC increased its position in Corning by 31.0% in the third quarter. Private Advisor Group LLC now owns 39,286 shares of the electronics maker’s stock worth $1,387,000 after buying an additional 9,304 shares in the last quarter. Finally, Arrow Investment Advisors LLC purchased a new stake in Corning in the third quarter worth about $456,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.
Shares of GLW opened at $33.24 on Tuesday. 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 stock has a market capitalization of $26.34 billion, a price-to-earnings ratio of 19.33, a P/E/G ratio of 2.12 and a beta of 1.28. Corning Incorporated has a 52 week low of $26.11 and a 52 week high of $36.56.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Thursday, November 15th. Corning’s dividend payout ratio is currently 41.86%.
In related news, VP Christine M. Pambianchi sold 1,000 shares of the stock in a transaction dated 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 sale, the vice president now owns 60,403 shares in the company, valued at $2,033,164.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $36.18, for a total value of $1,109,532.06. Following the sale, the insider now owns 146,049 shares of the company’s stock, valued at approximately $5,284,052.82. The disclosure for this sale can be found here. Insiders have sold 59,892 shares of company stock valued at $2,087,018 in the last quarter. 0.46% of the stock is currently owned by company insiders.
A number of analysts have commented on the company. Guggenheim restated a “buy” rating and issued a $41.00 price target on shares of Corning in a research report on Tuesday, October 23rd. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a research report on Wednesday, August 8th. Citigroup upgraded Corning from a “neutral” rating to a “buy” rating and upped their price target for the stock from $32.50 to $40.00 in a research report on Friday, September 14th. Morgan Stanley upped their price target on Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, July 26th. Finally, ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $35.89.
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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