Corning Incorporated (GLW) Stake Lessened by Carret Asset Management LLC

Carret Asset Management LLC lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 3.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 184,508 shares of the electronics maker’s stock after selling 5,710 shares during the quarter. Carret Asset Management LLC’s holdings in Corning were worth $5,520,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in GLW. GLG Partners LP purchased a new position in shares of Corning in the second quarter worth approximately $102,000. MPS Loria Financial Planners LLC purchased a new position in shares of Corning in the second quarter worth approximately $112,000. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Corning by 241.6% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after buying an additional 2,650 shares during the last quarter. Central Bank & Trust Co. boosted its holdings in shares of Corning by 8.8% in the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after buying an additional 345 shares during the last quarter. Finally, Harfst & Associates Inc. boosted its holdings in shares of Corning by 44.7% in the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after buying an additional 1,481 shares during the last quarter. 72.43% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CEO Wendell P. Weeks sold 248,857 shares of the firm’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the transaction, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at $2,049,496.21. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Eric S. Musser sold 29,949 shares of the firm’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $31.56, for a total transaction of $945,190.44. Following the completion of the transaction, the vice president now directly owns 49,471 shares of the company’s stock, valued at $1,561,304.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 294,561 shares of company stock worth $9,254,498. Company insiders own 0.59% of the company’s stock.

Corning Incorporated (NYSE:GLW) traded down $0.57 during trading on Thursday, hitting $31.67. 5,298,200 shares of the stock traded hands, compared to its average volume of 6,178,907. The company has a market capitalization of $28,018.41, a PE ratio of 18.53, a P/E/G ratio of 2.68 and a beta of 1.33. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. Corning Incorporated has a 52-week low of $23.97 and a 52-week high of $32.78.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 earnings per share. sell-side analysts expect that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Wednesday, November 15th. Corning’s payout ratio is currently 26.38%.

GLW has been the topic of a number of research reports. Susquehanna Bancshares reissued a “positive” rating and issued a $35.00 price objective on shares of Corning in a report on Thursday, August 24th. Jefferies Group restated a “hold” rating and set a $29.50 target price on shares of Corning in a research note on Friday, October 6th. BidaskClub cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Saturday, August 19th. Oppenheimer restated a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Finally, Guggenheim restated a “buy” rating and set a $35.00 target price on shares of Corning in a research note on Thursday, September 21st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $29.28.

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Corning Profile

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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