Stillwater Capital Advisors LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 426,925 shares of the electronics maker’s stock after selling 7,735 shares during the period. Corning makes up approximately 3.2% of Stillwater Capital Advisors LLC’s portfolio, making the stock its 8th biggest holding. Stillwater Capital Advisors LLC’s holdings in Corning were worth $13,657,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Corning by 1.6% during the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock worth $1,866,151,000 after purchasing an additional 965,976 shares in the last quarter. LSV Asset Management boosted its position in Corning by 1.3% during the second quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock worth $391,002,000 after purchasing an additional 165,214 shares in the last quarter. Jennison Associates LLC purchased a new stake in Corning during the third quarter worth $275,460,000. Dimensional Fund Advisors LP boosted its position in Corning by 0.7% during the third quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after purchasing an additional 56,973 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in Corning by 17.0% during the third quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after purchasing an additional 999,912 shares in the last quarter. 72.11% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Eric S. Musser sold 29,949 shares of the stock in a transaction dated Wednesday, October 25th. The stock was 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 $1,561,304.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Deborah Rieman sold 2,083 shares of the stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $32.16, for a total value of $66,989.28. Following the transaction, the director now owns 102,896 shares in the company, valued at $3,309,135.36. The disclosure for this sale can be found here. Insiders sold 348,320 shares of company stock worth $10,996,824 over the last 90 days. Company insiders own 0.59% of the company’s stock.
GLW has been the topic of a number of research analyst reports. Jefferies Group reiterated a “hold” rating and set a $29.50 target price on shares of Corning in a research report on Friday, October 6th. Oppenheimer reiterated a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a research report on Friday, December 22nd. Guggenheim reiterated a “buy” rating and set a $35.00 target price on shares of Corning in a research report on Thursday, September 21st. Finally, Citigroup boosted their target price on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $30.48.
Shares of Corning Incorporated (NYSE GLW) traded up $0.43 during trading hours on Friday, hitting $33.76. The stock had a trading volume of 3,611,500 shares, compared to its average volume of 5,216,575. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14. Corning Incorporated has a twelve month low of $24.13 and a twelve month high of $33.92. The stock has a market capitalization of $29,740.00, a P/E ratio of 14.37, a P/E/G ratio of 2.78 and a beta of 1.33.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the prior year, the business earned $0.42 earnings per share. The business’s revenue was up 4.0% on a year-over-year basis. sell-side analysts forecast that Corning Incorporated will post 1.7 EPS for the current year.
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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