LSV Asset Management lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 4.3% during the third quarter, HoldingsChannel.com reports. The firm owned 11,907,235 shares of the electronics maker’s stock after selling 540,770 shares during the quarter. LSV Asset Management’s holdings in Corning were worth $420,325,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the stock. Systematic Financial Management LP purchased a new position in Corning during the 3rd quarter valued at about $7,029,000. Motley Fool Wealth Management LLC grew its holdings in shares of Corning by 2.0% during the 3rd quarter. Motley Fool Wealth Management LLC now owns 116,001 shares of the electronics maker’s stock worth $4,095,000 after acquiring an additional 2,267 shares during the period. Motley Fool Asset Management LLC grew its holdings in shares of Corning by 22.5% during the 3rd quarter. Motley Fool Asset Management LLC now owns 10,826 shares of the electronics maker’s stock worth $382,000 after acquiring an additional 1,992 shares during the period. Commonwealth Equity Services LLC grew its holdings in shares of Corning by 1.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 600,609 shares of the electronics maker’s stock worth $21,201,000 after acquiring an additional 5,685 shares during the period. Finally, QCI Asset Management Inc. NY grew its holdings in shares of Corning by 0.4% during the 3rd quarter. QCI Asset Management Inc. NY now owns 432,151 shares of the electronics maker’s stock worth $15,255,000 after acquiring an additional 1,510 shares during the period. Institutional investors own 70.58% of the company’s stock.
GLW has been the topic of a number of research analyst reports. Guggenheim reiterated a “buy” rating on shares of Corning in a report on Wednesday, July 25th. 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. 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. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Finally, TheStreet upgraded Corning from a “c+” rating to a “b” rating in a report on Wednesday, July 25th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $35.89.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. The business had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.99 billion. Corning had a positive return on equity of 13.22% and a negative net margin of 5.86%. The firm’s quarterly revenue was up 15.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.40 EPS. As a group, analysts forecast that Corning Incorporated will post 1.77 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be given a $0.18 dividend. The ex-dividend date is Thursday, November 15th. This represents a $0.72 annualized dividend and a yield of 2.15%. Corning’s dividend payout ratio (DPR) is presently 41.86%.
In other news, VP Eric S. Musser sold 18,225 shares of the stock in a transaction on Monday, August 27th. The stock was sold at an average price of $33.45, for a total transaction of $609,626.25. Following the transaction, the vice president now directly owns 59,815 shares of the company’s stock, valued at approximately $2,000,811.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Christine M. Pambianchi sold 1,000 shares of the stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $33.66, for a total value of $33,660.00. Following the transaction, the vice president now directly owns 60,403 shares in the company, valued at $2,033,164.98. The disclosure for this sale can be found here. Insiders sold a total of 59,892 shares of company stock worth $2,087,018 over the last ninety days. 0.46% of the stock is currently owned by insiders.
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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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