BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in Corning Incorporated (NYSE:GLW) by 29.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 255,920 shares of the electronics maker’s stock after selling 104,561 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Corning were worth $9,034,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Jupiter Asset Management Ltd. increased its holdings in shares of Corning by 1.8% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 86,026 shares of the electronics maker’s stock worth $3,036,000 after buying an additional 1,506 shares during the last quarter. QCI Asset Management Inc. NY increased its holdings in shares of Corning by 0.4% in the 3rd quarter. QCI Asset Management Inc. NY now owns 432,151 shares of the electronics maker’s stock worth $15,255,000 after buying an additional 1,510 shares during the last quarter. GHP Investment Advisors Inc. increased its holdings in shares of Corning by 2.5% in the 2nd quarter. GHP Investment Advisors Inc. now owns 63,656 shares of the electronics maker’s stock worth $1,751,000 after buying an additional 1,550 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of Corning by 6.4% in the 2nd quarter. IFP Advisors Inc now owns 25,922 shares of the electronics maker’s stock worth $713,000 after buying an additional 1,551 shares during the last quarter. Finally, Chicago Partners Investment Group LLC increased its holdings in shares of Corning by 5.5% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 32,433 shares of the electronics maker’s stock worth $892,000 after buying an additional 1,691 shares during the last quarter. Institutional investors own 70.83% of the company’s stock.
A number of analysts have recently weighed in on GLW shares. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a report on Thursday, August 30th. Citigroup upgraded shares of 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 report on Friday, September 14th. Argus boosted their target price on shares of Corning from $36.00 to $42.00 and gave the stock a “positive” rating in a report on Thursday, September 20th. UBS Group set a $36.00 target price on shares of Corning and gave the stock a “hold” rating in a report on Wednesday, September 26th. Finally, Guggenheim reaffirmed a “buy” rating and set a $41.00 price target on shares of Corning in a research note on Tuesday, October 23rd. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $36.11.
GLW stock opened at $31.43 on Friday. Corning Incorporated has a 12 month low of $26.11 and a 12 month high of $36.56. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.51. The stock has a market cap of $25.73 billion, a P/E ratio of 18.27, a PEG ratio of 2.07 and a beta of 1.29.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.99 billion. During the same period in the previous year, the company earned $0.40 EPS. The firm’s revenue for the quarter was up 15.4% compared to the same quarter last year. As a group, 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. Investors of record on Friday, November 16th will be paid 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 dividend yield of 2.29%. Corning’s dividend payout ratio is presently 41.86%.
In related news, insider David L. Morse sold 30,151 shares of Corning stock in a transaction dated Friday, November 30th. The shares were sold at an average price of $32.16, for a total transaction of $969,656.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Lewis A. Steverson sold 12,577 shares of Corning stock in a transaction dated Monday, November 26th. The stock was sold at an average price of $31.47, for a total transaction of $395,798.19. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 77,975 shares of company stock valued at $2,622,698. 0.46% of the stock is owned by corporate insiders.
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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