AMP Capital Investors Ltd decreased its position in shares of Corning Incorporated (NYSE:GLW) by 6.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 611,518 shares of the electronics maker’s stock after selling 42,981 shares during the period. AMP Capital Investors Ltd owned 0.07% of Corning worth $18,296,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in GLW. Jennison Associates LLC bought a new stake in Corning during the third quarter worth approximately $275,460,000. Janus Henderson Group PLC raised its holdings in Corning by 4,900.2% during the second quarter. Janus Henderson Group PLC now owns 5,881,755 shares of the electronics maker’s stock worth $176,747,000 after purchasing an additional 5,764,125 shares in the last quarter. Parametric Portfolio Associates LLC grew its position in Corning by 62.2% in the second quarter. Parametric Portfolio Associates LLC now owns 4,313,266 shares of the electronics maker’s stock worth $129,614,000 after buying an additional 1,654,301 shares during the last quarter. Schroder Investment Management Group grew its position in Corning by 1,623.6% in the second quarter. Schroder Investment Management Group now owns 1,330,280 shares of the electronics maker’s stock worth $40,400,000 after buying an additional 1,253,100 shares during the last quarter. Finally, AJO LP grew its position in Corning by 233.1% in the second quarter. AJO LP now owns 1,462,104 shares of the electronics maker’s stock worth $43,936,000 after buying an additional 1,023,184 shares during the last quarter. 72.43% of the stock is currently owned by hedge funds and other institutional investors.
In other Corning news, VP Eric S. Musser sold 29,949 shares of Corning stock in a transaction that occurred 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 transaction, the vice president now directly owns 49,471 shares in the company, valued at approximately $1,561,304.76. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the transaction, the chief executive officer now owns 65,333 shares in the company, valued at $2,049,496.21. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 294,561 shares of company stock worth $9,254,498. Corporate insiders own 0.59% of the company’s stock.
Corning Incorporated (GLW) opened at $32.35 on Friday. Corning Incorporated has a 52-week low of $24.12 and a 52-week high of $32.78. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. The firm has a market cap of $27,575.19, a P/E ratio of 18.24, a price-to-earnings-growth ratio of 2.64 and a beta of 1.33.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The firm had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. During the same period in the previous year, the company posted $0.42 EPS. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. equities analysts anticipate that Corning Incorporated will post 1.7 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders 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 yield of 1.92%. The ex-dividend date is Wednesday, November 15th. Corning’s payout ratio is 26.38%.
Several research analysts have issued reports on GLW shares. BidaskClub upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Guggenheim restated a “buy” rating and issued a $35.00 price target on shares of Corning in a research report on Tuesday, October 24th. Zacks Investment Research lowered shares of Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. Susquehanna Bancshares restated a “positive” rating and issued a $35.00 price target on shares of Corning in a research report on Thursday, August 24th. Finally, Citigroup lifted their price target on shares of Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $29.28.
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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