Corning Incorporated (GLW) Holdings Cut by Courier Capital LLC

Courier Capital LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 8.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,120 shares of the electronics maker’s stock after selling 2,076 shares during the quarter. Courier Capital LLC’s holdings in Corning were worth $816,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of GLW. GSA Capital Partners LLP acquired a new position in Corning in the first quarter valued at approximately $490,000. Susquehanna Fundamental Investments LLC acquired a new position in Corning in the first quarter valued at approximately $1,313,000. Natixis acquired a new position in Corning in the first quarter valued at approximately $885,000. LPL Financial LLC lifted its stake in Corning by 40.3% in the first quarter. LPL Financial LLC now owns 294,464 shares of the electronics maker’s stock valued at $8,210,000 after buying an additional 84,556 shares during the period. Finally, Amundi Pioneer Asset Management Inc. lifted its stake in Corning by 10.1% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 329,623 shares of the electronics maker’s stock valued at $9,190,000 after buying an additional 30,127 shares during the period. 70.38% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CEO Wendell P. Weeks sold 237,470 shares of the company’s stock in a transaction that occurred on Thursday, August 2nd. The stock was sold at an average price of $32.87, for a total transaction of $7,805,638.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R Tony Tripeny sold 67,659 shares of the company’s stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $33.00, for a total value of $2,232,747.00. The disclosure for this sale can be found here. Insiders have sold 414,272 shares of company stock worth $13,759,300 over the last ninety days. 0.46% of the stock is owned by insiders.

GLW has been the topic of several recent analyst reports. Citigroup raised Corning from a “neutral” rating to a “buy” rating and boosted their price target for the company from $32.50 to $40.00 in a research note on Friday, September 14th. TheStreet raised Corning from a “c+” rating to a “b” rating in a research report on Wednesday, July 25th. Guggenheim reaffirmed a “buy” rating on shares of Corning in a research report on Wednesday, July 25th. Goldman Sachs Group raised Corning from a “sell” rating to a “neutral” rating and set a $29.00 target price on the stock in a research report on Wednesday, June 20th. Finally, Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research report on Tuesday, June 26th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Corning has an average rating of “Buy” and an average price target of $36.10.

Shares of NYSE:GLW opened at $32.13 on Friday. The company has a current ratio of 2.23, a quick ratio of 1.58 and a debt-to-equity ratio of 0.44. Corning Incorporated has a twelve month low of $26.11 and a twelve month high of $36.56. The company has a market cap of $28.59 billion, a PE ratio of 18.68, a PEG ratio of 2.49 and a beta of 1.35.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The company had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same period in the prior year, the firm earned $0.42 earnings per share. Corning’s revenue for the quarter was up 10.0% on a year-over-year basis. Equities analysts predict that Corning Incorporated will post 1.73 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend is Thursday, November 15th. Corning’s payout ratio is 41.86%.

Corning Company Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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