Baird Financial Group Inc. raised its stake in Corning Incorporated (NYSE:GLW) by 6.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 104,958 shares of the electronics maker’s stock after buying an additional 6,183 shares during the quarter. Baird Financial Group Inc.’s holdings in Corning were worth $3,703,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Dupont Capital Management Corp grew its stake in Corning by 62.4% during the 2nd quarter. Dupont Capital Management Corp now owns 11,884 shares of the electronics maker’s stock worth $327,000 after buying an additional 4,565 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its stake in Corning by 16,371.4% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after buying an additional 4,584 shares during the last quarter. Kornitzer Capital Management Inc. KS grew its stake in Corning by 29.4% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 34,815 shares of the electronics maker’s stock worth $958,000 after buying an additional 7,905 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Corning during the 2nd quarter worth $2,391,000. Finally, Sei Investments Co. grew its stake in Corning by 5.3% during the 2nd quarter. Sei Investments Co. now owns 336,230 shares of the electronics maker’s stock worth $9,251,000 after buying an additional 17,023 shares during the last quarter. 70.83% of the stock is currently owned by hedge funds and other institutional investors.
In other Corning news, insider David L. Morse sold 30,151 shares of Corning stock in a transaction dated Friday, November 30th. The stock was sold at an average price of $32.16, for a total transaction of $969,656.16. The sale 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 Corning stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $36.18, for a total value of $1,109,532.06. Following 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 ninety days, insiders have sold 77,975 shares of company stock valued at $2,622,698. 0.46% of the stock is currently owned by insiders.
Shares of GLW opened at $31.43 on Friday. Corning Incorporated has a one year low of $26.11 and a one year high of $36.56. The company has a quick ratio of 1.51, a current ratio of 2.13 and a debt-to-equity ratio of 0.43. The stock has a market cap of $25.73 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 2.07 and a beta of 1.29.
Corning (NYSE:GLW) last issued its quarterly earnings results 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 company had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter in the previous year, the firm posted $0.40 EPS. The firm’s revenue was up 15.4% compared to the same quarter last year. As a group, equities research analysts expect that Corning Incorporated will post 1.77 earnings per share 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 is Thursday, November 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.29%. Corning’s dividend payout ratio is currently 41.86%.
Several research analysts recently weighed in on GLW shares. Citigroup upgraded Corning from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $32.50 to $40.00 in a research note on Friday, September 14th. ValuEngine downgraded Corning from a “buy” rating to a “hold” rating in a research note on Monday, November 12th. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, November 20th. Finally, Guggenheim restated a “buy” rating and set a $41.00 target price on shares of Corning in a research note on Tuesday, October 23rd. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $36.11.
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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