Vident Investment Advisory LLC cut its stake in shares of Corning Incorporated (NYSE:GLW) by 13.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 85,310 shares of the electronics maker’s stock after selling 13,052 shares during the quarter. Vident Investment Advisory LLC’s holdings in Corning were worth $2,552,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in the stock. GLG Partners LP acquired a new stake in Corning during the 2nd quarter worth approximately $102,000. MPS Loria Financial Planners LLC acquired a new stake in Corning during the 2nd quarter worth approximately $112,000. Benjamin F. Edwards & Company Inc. boosted its position in Corning by 241.6% during the 3rd 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 period. Harfst & Associates Inc. boosted its position in Corning by 44.7% during the 2nd 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 period. Finally, Grove Bank & Trust boosted its position in Corning by 31.7% during the 2nd quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock worth $158,000 after buying an additional 1,265 shares during the period. 72.43% of the stock is currently owned by institutional investors.
Several research firms recently commented on GLW. Goldman Sachs Group downgraded shares of Corning from a “neutral” rating to a “sell” rating and cut their target price for the stock from $29.00 to $26.00 in a research report on Tuesday, August 15th. Zacks Investment Research downgraded shares of Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. Deutsche Bank boosted their price target on shares of Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Guggenheim restated a “buy” rating and issued a $35.00 price target on shares of Corning in a research report on Tuesday, August 15th. Finally, BidaskClub upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $29.28.
Corning Incorporated (NYSE GLW) traded up $0.22 during trading hours on Tuesday, hitting $32.57. 4,752,700 shares of the stock traded hands, compared to its average volume of 6,157,677. The company has a market cap of $28,114.01, a price-to-earnings ratio of 18.59, a P/E/G ratio of 2.69 and a beta of 1.33. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26. Corning Incorporated has a 12 month low of $24.12 and a 12 month 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 for the quarter, beating the consensus estimate of $0.41 by $0.02. The company had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. Corning’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.42 EPS. equities research analysts anticipate that Corning Incorporated will post 1.7 EPS 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 paid a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 annualized dividend and a dividend yield of 1.90%. Corning’s dividend payout ratio is currently 26.38%.
In other news, Director Hansel E. Tookes II sold 6,513 shares of Corning stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total value of $205,810.80. Following the completion of the sale, the director now owns 88,946 shares in the company, valued at approximately $2,810,693.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the completion of the sale, the chief executive officer now owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The disclosure for this sale can be found here. Insiders sold a total of 294,561 shares of company stock valued at $9,254,498 in the last quarter. 0.59% of the stock is currently owned by company insiders.
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Corning Company 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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