Gamco Investors INC. ET AL cut its stake in shares of Corning Incorporated (NYSE:GLW) by 7.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 300,959 shares of the electronics maker’s stock after selling 23,902 shares during the period. Gamco Investors INC. ET AL’s holdings in Corning were worth $10,624,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the company. TRUE Private Wealth Advisors acquired a new stake in Corning in the third quarter valued at $100,000. NEXT Financial Group Inc acquired a new stake in Corning in the third quarter valued at $117,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in Corning by 16,371.4% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock valued at $127,000 after purchasing an additional 4,584 shares during the period. City Holding Co. acquired a new stake in Corning in the second quarter valued at $137,000. Finally, Smithfield Trust Co. increased its holdings in Corning by 55.0% in the second quarter. Smithfield Trust Co. now owns 5,712 shares of the electronics maker’s stock valued at $157,000 after purchasing an additional 2,028 shares during the period. Institutional investors own 70.58% of the company’s stock.
Shares of GLW opened at $33.56 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.51 and a debt-to-equity ratio of 0.43. The firm has a market cap of $27.22 billion, a price-to-earnings ratio of 20.12, a PEG ratio of 2.19 and a beta of 1.28. Corning Incorporated has a 12 month low of $26.11 and a 12 month high of $36.56.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 EPS for the quarter, beating the Zacks’ 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 negative net margin of 5.86% and a positive return on equity of 13.22%. The business’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 earnings per share. As a group, sell-side analysts predict that Corning Incorporated will post 1.77 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 16th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.15%. Corning’s dividend payout ratio (DPR) is currently 41.86%.
A number of research firms recently weighed in on GLW. UBS Group increased their price objective on Corning from $29.50 to $32.00 and gave the company a “neutral” rating in a report on Thursday, July 26th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a report on Monday, October 22nd. Morgan Stanley increased their price objective on Corning from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Thursday, July 26th. Argus increased their price objective on Corning from $36.00 to $42.00 and gave the company a “positive” rating in a report on Thursday, September 20th. Finally, ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Corning presently has an average rating of “Buy” and a consensus target price of $35.89.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the company’s stock in a transaction on Thursday, September 20th. The shares were 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 $5,284,052.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 1,000 shares of the company’s stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $33.66, for a total transaction of $33,660.00. Following the sale, the vice president now directly owns 60,403 shares in the company, valued at approximately $2,033,164.98. The disclosure for this sale can be found here. Insiders have sold 59,892 shares of company stock worth $2,087,018 in the last ninety days. 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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