Olstein Capital Management L.P. Has $4,922,000 Position in Corning Inc. (GLW)
Olstein Capital Management L.P. lowered its stake in Corning Inc. (NYSE:GLW) by 33.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 208,100 shares of the company’s stock after selling 104,900 shares during the period. Olstein Capital Management L.P.’s holdings in Corning were worth $4,922,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in GLW. Ngam Advisors L.P. increased its position in Corning by 20.4% in the third quarter. Ngam Advisors L.P. now owns 19,210 shares of the company’s stock valued at $454,000 after buying an additional 3,254 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in Corning by 85.9% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 10,387 shares of the company’s stock valued at $246,000 after buying an additional 4,800 shares in the last quarter. Sei Investments Co. increased its position in Corning by 16.4% in the third quarter. Sei Investments Co. now owns 467,717 shares of the company’s stock valued at $11,061,000 after buying an additional 66,019 shares in the last quarter. Rand Wealth LLC increased its position in Corning by 5.4% in the third quarter. Rand Wealth LLC now owns 12,016 shares of the company’s stock valued at $284,000 after buying an additional 616 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its position in Corning by 735.3% in the third quarter. Teacher Retirement System of Texas now owns 665,328 shares of the company’s stock valued at $15,735,000 after buying an additional 585,675 shares in the last quarter. Institutional investors and hedge funds own 75.83% of the company’s stock.
Corning Inc. (NYSE:GLW) traded down 0.58% during midday trading on Wednesday, reaching $24.03. The company had a trading volume of 7,854,060 shares. The stock has a market capitalization of $22.86 billion, a price-to-earnings ratio of 12.25 and a beta of 1.32. The company has a 50-day moving average price of $23.39 and a 200-day moving average price of $22.10. Corning Inc. has a one year low of $16.13 and a one year high of $24.46.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 25th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. Corning had a return on equity of 10.11% and a net margin of 25.66%. The firm earned $2.51 billion during the quarter, compared to analysts’ expectations of $2.52 billion. During the same period in the prior year, the business earned $0.34 EPS. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities analysts expect that Corning Inc. will post $1.49 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s payout ratio is currently 27.84%.
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Several equities analysts have commented on the company. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research report on Tuesday. Vetr upgraded Corning from a “sell” rating to a “buy” rating and set a $26.00 target price for the company in a research report on Tuesday, November 15th. Goldman Sachs Group Inc. reiterated a “buy” rating and issued a $27.00 target price on shares of Corning in a research report on Wednesday, November 2nd. Deutsche Bank AG increased their target price on Corning from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, October 26th. Finally, Drexel Hamilton reiterated a “sell” rating and issued a $14.50 target price on shares of Corning in a research report on Tuesday, October 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. Corning currently has a consensus rating of “Hold” and an average target price of $22.91.
In other news, CEO Wendell P. Weeks sold 204,750 shares of the company’s stock in a transaction dated Wednesday, October 26th. The stock was sold at an average price of $23.07, for a total value of $4,723,582.50. Following the completion of the transaction, the chief executive officer now directly owns 136,500 shares in the company, valued at approximately $3,149,055. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Martin J. Curran sold 54,416 shares of the company’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $22.87, for a total value of $1,244,493.92. Following the completion of the transaction, the vice president now owns 32,115 shares of the company’s stock, valued at $734,470.05. The disclosure for this sale can be found here. 0.60% of the stock is owned by insiders.
Corning Company Profile
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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