Ancora Advisors LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 15.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,538 shares of the electronics maker’s stock after selling 7,859 shares during the quarter. Ancora Advisors LLC’s holdings in Corning were worth $1,501,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. TRUE Private Wealth Advisors purchased a new position in Corning in the 3rd quarter worth about $100,000. Trustcore Financial Services LLC increased its stake in Corning by 233.3% in the 3rd quarter. Trustcore Financial Services LLC now owns 3,000 shares of the electronics maker’s stock worth $106,000 after purchasing an additional 2,100 shares in the last quarter. NEXT Financial Group Inc purchased a new position in Corning in the 3rd quarter worth about $117,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in Corning by 16,371.4% in the 2nd 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 in the last quarter. Finally, City Holding Co. purchased a new position in Corning in the 2nd quarter worth about $137,000. 70.22% of the stock is currently owned by hedge funds and other institutional investors.
In other Corning news, 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 completion of the sale, the insider now directly owns 146,049 shares in the company, valued at approximately $5,284,052.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Deborah Rieman sold 4,430 shares of the firm’s stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $32.30, for a total value of $143,089.00. The disclosure for this sale can be found here. Insiders have sold a total of 57,824 shares of company stock valued at $1,987,242 over the last 90 days. Corporate insiders own 0.46% of the company’s stock.
A number of equities analysts recently weighed in on GLW shares. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, September 25th. Citigroup raised Corning from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $32.50 to $40.00 in a research note on Friday, September 14th. Guggenheim reissued a “buy” rating and issued a $41.00 price target on shares of Corning in a research note on Tuesday, October 23rd. Argus lifted their price target on Corning from $36.00 to $42.00 and gave the stock a “positive” rating in a research note on Thursday, September 20th. Finally, UBS Group set a $33.00 price target on Corning and gave the stock a “hold” rating in a research note on Tuesday, October 23rd. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $36.11.
Shares of NYSE GLW opened at $32.22 on Monday. Corning Incorporated has a one year low of $26.11 and a one year high of $36.56. The stock has a market cap of $25.79 billion, a price-to-earnings ratio of 18.73, a price-to-earnings-growth ratio of 2.07 and a beta of 1.28. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.51.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 23rd. The electronics maker reported $0.51 EPS for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.03. Corning had a positive return on equity of 13.22% and a negative net margin of 5.86%. The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.99 billion. During the same period last year, the company posted $0.40 EPS. The business’s quarterly revenue was up 15.4% compared to the same quarter last year. Equities analysts expect 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. 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 2.23%. Corning’s payout ratio is presently 41.86%.
Corning, Inc develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.
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