Hudson Valley Investment Advisors Inc. ADV lowered its holdings in Corning Incorporated (NYSE:GLW) by 10.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,127 shares of the electronics maker’s stock after selling 8,835 shares during the period. Hudson Valley Investment Advisors Inc. ADV’s holdings in Corning were worth $2,687,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in GLW. GSA Capital Partners LLP bought a new position in Corning in the first quarter valued at $490,000. Susquehanna Fundamental Investments LLC bought a new position in Corning in the first quarter valued at $1,313,000. Natixis bought a new position in Corning in the first quarter valued at $885,000. LPL Financial LLC grew its position in Corning by 40.3% in the first quarter. LPL Financial LLC now owns 294,464 shares of the electronics maker’s stock valued at $8,210,000 after purchasing an additional 84,556 shares in the last quarter. Finally, Guggenheim Capital LLC grew its position in Corning by 8.2% in the first quarter. Guggenheim Capital LLC now owns 2,937,916 shares of the electronics maker’s stock valued at $81,910,000 after purchasing an additional 222,366 shares in the last quarter. 70.38% of the stock is owned by institutional investors and hedge funds.
Shares of GLW traded up $0.84 during midday trading on Friday, reaching $32.18. The stock had a trading volume of 716,849 shares, compared to its average volume of 6,144,936. Corning Incorporated has a one year low of $26.11 and a one year high of $36.56. The company 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. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.23 and a quick ratio of 1.58.
Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 25th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Corning had a negative net margin of 8.32% and a positive return on equity of 12.03%. The company had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the firm posted $0.42 EPS. The company’s quarterly revenue was up 10.0% on a year-over-year basis. Analysts expect that Corning Incorporated will post 1.73 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be given 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%.
A number of brokerages have recently commented on GLW. Citigroup raised shares of Corning from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $32.50 to $40.00 in a research report on Friday, September 14th. TheStreet raised shares of Corning from a “c+” rating to a “b” rating in a research report on Wednesday, July 25th. Guggenheim reissued a “buy” rating on shares of Corning in a research report on Wednesday, July 25th. Goldman Sachs Group raised shares of Corning from a “sell” rating to a “neutral” rating and set a $29.00 price objective for the company in a research report on Wednesday, June 20th. Finally, Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research report on Tuesday, June 26th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $36.10.
In other news, CEO Wendell P. Weeks sold 237,470 shares of the firm’s stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $32.87, for a total transaction of $7,805,638.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the firm’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $36.18, for a total transaction 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. In the last three months, insiders sold 414,272 shares of company stock valued at $13,759,300. Insiders own 0.46% of the company’s stock.
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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