Webster Bank N. A. trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 7.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,084 shares of the electronics maker’s stock after selling 3,150 shares during the quarter. Webster Bank N. A.’s holdings in Corning were worth $1,344,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also bought and sold shares of the company. Founders Capital Management bought a new stake in Corning during the second quarter worth about $105,000. Private Capital Group LLC lifted its stake in Corning by 1,455.7% during the first quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock worth $110,000 after purchasing an additional 3,683 shares during the last quarter. NEXT Financial Group Inc bought a new stake in Corning during the third quarter worth about $117,000. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Corning by 16,371.4% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after purchasing an additional 4,584 shares during the last quarter. Finally, City Holding Co. bought a new stake in Corning during the second quarter worth about $137,000. Institutional investors and hedge funds own 70.38% of the company’s stock.
In other news, CEO Wendell P. Weeks sold 237,470 shares of the business’s stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $32.87, for a total value of $7,805,638.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the business’s stock in a transaction dated 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 sale, the insider now directly 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. In the last three months, insiders sold 414,272 shares of company stock valued at $13,759,300. 0.46% of the stock is currently owned by corporate insiders.
Shares of NYSE GLW traded up $0.79 during midday trading on Friday, reaching $32.13. The company had a trading volume of 7,896,200 shares, compared to its average volume of 6,153,780. Corning Incorporated has a one year low of $26.11 and a one year high of $36.56. The company has a current ratio of 2.23, a quick ratio of 1.58 and a debt-to-equity ratio of 0.44. The firm has a market cap of $28.59 billion, a PE ratio of 18.62, a price-to-earnings-growth ratio of 2.49 and a beta of 1.35.
Corning (NYSE:GLW) last released its earnings results on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The company had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the previous year, the company posted $0.42 EPS. Corning’s revenue for the quarter was up 10.0% on a year-over-year basis. As a group, equities research analysts forecast that Corning Incorporated will post 1.73 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Stockholders 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 dividend yield of 2.24%. The ex-dividend date of this dividend is Thursday, November 15th. Corning’s dividend payout ratio (DPR) is presently 41.86%.
Several equities research analysts have issued reports on the company. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Tuesday, June 26th. Goldman Sachs Group raised Corning from a “sell” rating to a “neutral” rating and set a $29.00 price target for the company in a research note on Wednesday, June 20th. UBS Group lifted their price target on Corning from $29.50 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, July 26th. TheStreet raised Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Corning in a research note on Wednesday, July 25th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $36.10.
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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