Comerica Securities Inc. Sells 6,458 Shares of Corning Incorporated (GLW)

Comerica Securities Inc. cut its position in Corning Incorporated (NYSE:GLW) by 4.5% in the fourth quarter, HoldingsChannel reports. The firm owned 136,810 shares of the electronics maker’s stock after selling 6,458 shares during the period. Comerica Securities Inc.’s holdings in Corning were worth $4,133,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in GLW. Essex Savings Bank purchased a new stake in shares of Corning during the fourth quarter worth about $34,000. Csenge Advisory Group purchased a new stake in shares of Corning during the third quarter worth about $38,000. Cowen Prime Services LLC grew its stake in shares of Corning by 43.5% during the fourth quarter. Cowen Prime Services LLC now owns 1,650 shares of the electronics maker’s stock worth $50,000 after acquiring an additional 500 shares during the last quarter. Financial Gravity Companies Inc. purchased a new stake in Corning in the fourth quarter valued at approximately $74,000. Finally, Capital Investment Advisory Services LLC purchased a new stake in Corning in the fourth quarter valued at approximately $86,000. Institutional investors and hedge funds own 71.51% of the company’s stock.

Shares of NYSE GLW opened at $33.39 on Monday. The company has a market capitalization of $26.73 billion, a P/E ratio of 18.76, a PEG ratio of 1.90 and a beta of 1.21. 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 0.52, a quick ratio of 1.51 and a current ratio of 2.12.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 29th. The electronics maker reported $0.59 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.02. The firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.02 billion. Corning had a return on equity of 14.21% and a net margin of 9.44%. Corning’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.49 earnings per share. Sell-side analysts predict that Corning Incorporated will post 2 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Thursday, February 28th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Wednesday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.18. Corning’s dividend payout ratio is currently 40.45%.

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 19th. The stock was sold at an average price of $30.68, for a total value of $613,600.00. Following the sale, the insider now owns 150,716 shares in the company, valued at approximately $4,623,966.88. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider David L. Morse sold 35,701 shares of the company’s stock in a transaction that occurred on Wednesday, January 30th. The stock was sold at an average price of $33.71, for a total value of $1,203,480.71. Following the completion of the sale, the insider now owns 47,961 shares in the company, valued at approximately $1,616,765.31. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,009 shares of company stock worth $3,330,247. Insiders own 0.46% of the company’s stock.

GLW has been the topic of a number of recent research reports. Guggenheim reiterated a “buy” rating and issued a $41.00 target price 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 $34.00 target price on the stock in a research report on Monday, October 22nd. Citigroup dropped their target price on Corning from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, October 24th. Finally, ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, January 29th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $35.50.

TRADEMARK VIOLATION WARNING: This article was published by Chaffey Breeze and is owned by of Chaffey Breeze. If you are viewing this article on another domain, it was stolen and republished in violation of U.S. and international trademark & copyright law. The original version of this article can be viewed at https://www.chaffeybreeze.com/2019/02/11/comerica-securities-inc-sells-6458-shares-of-corning-incorporated-glw.html.

About Corning

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.

See Also: Do investors pay a separate front-end load every time they buy additional shares?

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