Obermeyer Wood Investment Counsel Lllp acquired a new stake in Corning Incorporated (NYSE:GLW) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 8,220 shares of the electronics maker’s stock, valued at approximately $290,000.
A number of other large investors have also made changes to their positions in GLW. Bank of Montreal Can bought a new position in Corning in the 2nd quarter valued at $30,286,000. Janus Henderson Group PLC grew its stake in Corning by 20.2% in the 2nd quarter. Janus Henderson Group PLC now owns 5,868,673 shares of the electronics maker’s stock valued at $161,450,000 after purchasing an additional 986,397 shares during the period. Chevy Chase Trust Holdings Inc. bought a new position in Corning in the 2nd quarter valued at $19,372,000. Bank of New York Mellon Corp grew its stake in Corning by 5.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 12,247,720 shares of the electronics maker’s stock valued at $336,934,000 after purchasing an additional 617,467 shares during the period. Finally, Westpac Banking Corp grew its stake in Corning by 1,017.3% in the 2nd quarter. Westpac Banking Corp now owns 658,877 shares of the electronics maker’s stock valued at $18,126,000 after purchasing an additional 599,908 shares during the period. Hedge funds and other institutional investors own 70.83% of the company’s stock.
A number of brokerages have issued reports on GLW. Guggenheim restated a “buy” rating and issued a $41.00 price objective on shares of Corning in a research note on Tuesday, October 23rd. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a research note on Wednesday, August 8th. Citigroup upgraded Corning from a “neutral” rating to a “buy” rating and upped their price objective for the company from $32.50 to $40.00 in a research note on Friday, September 14th. ValuEngine cut Corning from a “buy” rating to a “hold” rating in a research report on Monday, November 12th. Finally, UBS Group set a $36.00 price target on Corning and gave the company a “hold” rating in a research report on Wednesday, September 26th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $36.11.
Shares of NYSE GLW traded down $1.24 during trading on Wednesday, reaching $32.15. 6,318,696 shares of the stock traded hands, compared to its average volume of 4,702,583. Corning Incorporated has a 52-week low of $26.11 and a 52-week high of $36.56. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.51. The stock has a market capitalization of $25.79 billion, a PE ratio of 18.69, a P/E/G ratio of 2.15 and a beta of 1.29.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The firm had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.99 billion. Corning had a positive return on equity of 13.22% and a negative net margin of 5.86%. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.40 EPS. As a group, equities analysts expect that Corning Incorporated will post 1.77 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.24%. Corning’s dividend payout ratio (DPR) is 41.86%.
In related news, insider David L. Morse sold 30,151 shares of the stock in a transaction dated Friday, November 30th. The stock was sold at an average price of $32.16, for a total transaction of $969,656.16. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Deborah Rieman sold 4,430 shares of the stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $32.30, for a total value of $143,089.00. The disclosure for this sale can be found here. Insiders have sold a total of 77,975 shares of company stock worth $2,622,698 in the last three months. 0.46% of the stock is currently owned by insiders.
Corning Company Profile
Corning, Inc develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.
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