Franklin Resources Inc. lowered its position in shares of Corning Incorporated (NYSE:GLW) by 5.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,572,480 shares of the electronics maker’s stock after selling 90,815 shares during the quarter. Franklin Resources Inc. owned 0.20% of Corning worth $55,509,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Corning by 0.8% during the second quarter. BlackRock Inc. now owns 55,077,324 shares of the electronics maker’s stock valued at $1,515,178,000 after acquiring an additional 451,656 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Corning by 7.7% during the third quarter. Bank of New York Mellon Corp now owns 13,189,684 shares of the electronics maker’s stock valued at $465,596,000 after acquiring an additional 941,964 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Corning by 2.7% during the third quarter. Dimensional Fund Advisors LP now owns 8,227,051 shares of the electronics maker’s stock valued at $290,419,000 after acquiring an additional 214,078 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Corning by 20.2% during the second quarter. Janus Henderson Group PLC now owns 5,868,673 shares of the electronics maker’s stock valued at $161,450,000 after acquiring an additional 986,397 shares during the period. Finally, FMR LLC raised its holdings in shares of Corning by 75.5% during the third quarter. FMR LLC now owns 3,683,896 shares of the electronics maker’s stock valued at $130,041,000 after acquiring an additional 1,584,369 shares during the period. Institutional investors and hedge funds own 70.83% of the company’s stock.
Corning stock opened at $31.43 on Friday. The company has a market capitalization of $25.83 billion, a price-to-earnings ratio of 19.09, a P/E/G ratio of 2.08 and a beta of 1.29. The company has a current ratio of 2.13, a quick ratio of 1.51 and a debt-to-equity ratio of 0.43. Corning Incorporated has a twelve month low of $26.11 and a twelve month high of $36.56.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.03. The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.99 billion. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The company’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.40 EPS. Equities research analysts forecast that Corning Incorporated will post 1.77 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 16th will be paid a $0.18 dividend. The ex-dividend date is Thursday, November 15th. This represents a $0.72 annualized dividend and a yield of 2.29%. Corning’s dividend payout ratio is presently 41.86%.
GLW has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Citigroup upgraded shares of Corning from a “neutral” rating to a “buy” rating and upped their price objective for the company from $32.50 to $40.00 in a research note on Friday, September 14th. Guggenheim reiterated a “buy” rating and issued a $41.00 price objective on shares of Corning in a research note on Tuesday, October 23rd. Argus upped their price objective on shares of Corning from $36.00 to $42.00 and gave the company a “positive” rating in a research note on Thursday, September 20th. Finally, UBS Group set a $33.00 price objective on shares of Corning and gave the company 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’s stock. The company currently has an average rating of “Buy” and an average target price of $36.11.
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the business’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $36.18, for a total value of $1,109,532.06. Following the completion of the sale, the insider now directly owns 146,049 shares of the company’s stock, valued at $5,284,052.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Deborah Rieman sold 4,430 shares of the business’s stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $32.30, for a total transaction of $143,089.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 77,975 shares of company stock worth $2,622,698. Company insiders own 0.46% of the company’s stock.
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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