Auxier Asset Management decreased its holdings in Corning Incorporated (NYSE:GLW) by 4.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 226,451 shares of the electronics maker’s stock after selling 10,800 shares during the quarter. Corning makes up about 1.4% of Auxier Asset Management’s investment portfolio, making the stock its 25th largest position. Auxier Asset Management’s holdings in Corning were worth $6,775,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Johnson Financial Group Inc. raised its position in shares of Corning by 32.0% during the third quarter. Johnson Financial Group Inc. now owns 88,953 shares of the electronics maker’s stock worth $2,662,000 after acquiring an additional 21,548 shares during the last quarter. Evanston Investments Inc. dba Evanston Advisors increased its holdings in Corning by 2.8% in the third quarter. Evanston Investments Inc. dba Evanston Advisors now owns 269,907 shares of the electronics maker’s stock valued at $8,076,000 after purchasing an additional 7,371 shares during the last quarter. Evergreen Capital Management LLC bought a new stake in Corning in the third quarter valued at about $375,000. Schroder Investment Management Group increased its holdings in Corning by 13.5% in the third quarter. Schroder Investment Management Group now owns 1,509,280 shares of the electronics maker’s stock valued at $45,203,000 after purchasing an additional 179,000 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Corning by 7.4% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 73,453 shares of the electronics maker’s stock valued at $2,198,000 after purchasing an additional 5,086 shares during the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.
A number of equities research analysts recently commented on GLW shares. BidaskClub upgraded Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Guggenheim reissued a “buy” rating and issued a $35.00 target price on shares of Corning in a research note on Tuesday, October 24th. Zacks Investment Research cut Corning from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Susquehanna Bancshares reissued a “positive” rating and issued a $35.00 target price on shares of Corning in a research note on Thursday, August 24th. Finally, Citigroup upped their price objective on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Corning has an average rating of “Hold” and an average target price of $29.28.
In other news, CEO Wendell P. Weeks sold 248,857 shares of the 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Eric S. Musser sold 29,949 shares of the stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $31.56, for a total value of $945,190.44. Following the transaction, the vice president now owns 49,471 shares in the company, valued at approximately $1,561,304.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 294,561 shares of company stock worth $9,254,498. 0.59% of the stock is owned by corporate insiders.
Corning Incorporated (GLW) traded down $0.57 on Thursday, reaching $31.67. The company had a trading volume of 5,298,200 shares, compared to its average volume of 6,178,907. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $27,690.00, a price-to-earnings ratio of 18.53, a PEG ratio of 2.68 and a beta of 1.33. Corning Incorporated has a fifty-two week low of $23.97 and a fifty-two week 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 (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.42 earnings per share. equities research analysts anticipate that Corning Incorporated will post 1.7 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.96%. Corning’s dividend payout ratio (DPR) is currently 26.38%.
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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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