Fmr LLC Boosts Stake in Corning Incorporated (GLW)

Fmr LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 160.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,595,315 shares of the electronics maker’s stock after purchasing an additional 982,864 shares during the period. Fmr LLC owned approximately 0.18% of Corning worth $47,939,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Corning by 1.6% in the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock valued at $1,866,151,000 after purchasing an additional 965,976 shares during the period. Pinebridge Investments L.P. raised its position in shares of Corning by 13.7% in the second quarter. Pinebridge Investments L.P. now owns 625,949 shares of the electronics maker’s stock valued at $18,810,000 after purchasing an additional 75,524 shares during the period. Trustmark National Bank Trust Department raised its position in shares of Corning by 87.1% in the second quarter. Trustmark National Bank Trust Department now owns 16,350 shares of the electronics maker’s stock valued at $491,000 after purchasing an additional 7,610 shares during the period. Abbot Financial Management Inc. bought a new stake in shares of Corning in the second quarter valued at approximately $2,138,000. Finally, UBS Asset Management Americas Inc. raised its position in shares of Corning by 7.2% in the second quarter. UBS Asset Management Americas Inc. now owns 3,448,369 shares of the electronics maker’s stock valued at $103,623,000 after purchasing an additional 232,080 shares during the period. 71.29% of the stock is currently owned by institutional investors.

ILLEGAL ACTIVITY WARNING: This article was originally published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this article on another website, it was stolen and republished in violation of international copyright laws. The correct version of this article can be accessed at https://ledgergazette.com/2017/10/17/fmr-llc-boosts-stake-in-corning-incorporated-glw.html.

In other news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the sale, the insider now owns 136,079 shares in the company, valued at $3,893,220.19. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Christine M. Pambianchi sold 33,000 shares of Corning stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following the sale, the vice president now owns 73,145 shares in the company, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 127,888 shares of company stock worth $3,653,485. Company insiders own 0.59% of the company’s stock.

Several research firms have recently issued reports on GLW. Morgan Stanley reissued an “equal weight” rating and issued a $29.00 price target (up previously from $26.00) on shares of Corning in a research report on Monday, June 19th. BidaskClub lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th. Jefferies Group LLC reissued a “hold” rating and issued a $27.50 price target on shares of Corning in a research report on Friday, July 14th. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) lowered shares of Corning from a “neutral” rating to a “sell” rating and lowered their price target for the company from $29.00 to $26.00 in a research report on Tuesday, August 15th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $28.90.

Corning Incorporated (GLW) opened at 29.89 on Tuesday. Corning Incorporated has a one year low of $22.23 and a one year high of $32.17. The stock has a 50 day moving average of $29.55 and a 200-day moving average of $29.21. The company has a market cap of $27.00 billion, a price-to-earnings ratio of 13.35 and a beta of 1.38.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter i

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Corning by 1.6% in the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock valued at $1,866,151,000 after purchasing an additional 965,976 shares during the period. Pinebridge Investments L.P. raised its position in shares of Corning by 13.7% in the second quarter. Pinebridge Investments L.P. now owns 625,949 shares of the electronics maker’s stock valued at $18,810,000 after purchasing an additional 75,524 shares during the period. Trustmark National Bank Trust Department raised its position in shares of Corning by 87.1% in the second quarter. Trustmark National Bank Trust Department now owns 16,350 shares of the electronics maker’s stock valued at $491,000 after purchasing an additional 7,610 shares during the period. Abbot Financial Management Inc. bought a new stake in shares of Corning in the second quarter valued at approximately $2,138,000. Finally, UBS Asset Management Americas Inc. raised its position in shares of Corning by 7.2% in the second quarter. UBS Asset Management Americas Inc. now owns 3,448,369 shares of the electronics maker’s stock valued at $103,623,000 after purchasing an additional 232,080 shares during the period. 71.29% of the stock is currently owned by institutional investors.

ILLEGAL ACTIVITY WARNING: This article was originally published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this article on another website, it was stolen and republished in violation of international copyright laws. The correct version of this article can be accessed at https://ledgergazette.com/2017/10/17/fmr-llc-boosts-stake-in-corning-incorporated-glw.html.

In other news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the sale, the insider now owns 136,079 shares in the company, valued at $3,893,220.19. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Christine M. Pambianchi sold 33,000 shares of Corning stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following the sale, the vice president now owns 73,145 shares in the company, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 127,888 shares of company stock worth $3,653,485. Company insiders own 0.59% of the company’s stock.

Several research firms have recently issued reports on GLW. Morgan Stanley reissued an “equal weight” rating and issued a $29.00 price target (up previously from $26.00) on shares of Corning in a research report on Monday, June 19th. BidaskClub lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Saturday, August 19th. Jefferies Group LLC reissued a “hold” rating and issued a $27.50 price target on shares of Corning in a research report on Friday, July 14th. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Finally, Goldman Sachs Group, Inc. (The) lowered shares of Corning from a “neutral” rating to a “sell” rating and lowered their price target for the company from $29.00 to $26.00 in a research report on Tuesday, August 15th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $28.90.

Corning Incorporated (GLW) opened at 29.89 on Tuesday. Corning Incorporated has a one year low of $22.23 and a one year high of $32.17. The stock has a 50 day moving average of $29.55 and a 200-day moving average of $29.21. The company has a market cap of $27.00 billion, a price-to-earnings ratio of 13.35 and a beta of 1.38.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.37 earnings per share. On average, equities analysts predict that Corning Incorporated will post $1.69 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 given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 2.07%. The ex-dividend date is Wednesday, November 15th. Corning’s payout ratio is currently 27.93%.

About Corning

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).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

Receive News & Ratings for Corning Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply