Corning Incorporated (GLW) Shares Sold by Thompson Investment Management Inc.
Thompson Investment Management Inc. reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 1.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 166,313 shares of the electronics maker’s stock after selling 1,670 shares during the period. Thompson Investment Management Inc.’s holdings in Corning were worth $4,976,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in GLW. BlackRock Inc. raised its holdings in Corning by 1,930.0% during the 1st quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after buying an additional 54,041,176 shares during the period. Jennison Associates LLC acquired a new stake in shares of Corning in the third quarter valued at approximately $275,460,000. Janus Henderson Group PLC raised its holdings in shares of Corning by 4,900.2% in the second quarter. Janus Henderson Group PLC now owns 5,881,755 shares of the electronics maker’s stock valued at $176,747,000 after purchasing an additional 5,764,125 shares during the last quarter. Janus Capital Management LLC raised its holdings in shares of Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock valued at $152,763,000 after purchasing an additional 2,127,260 shares during the last quarter. Finally, Gotham Asset Management LLC raised its holdings in shares of Corning by 17,844.0% in the first quarter. Gotham Asset Management LLC now owns 1,717,781 shares of the electronics maker’s stock valued at $46,380,000 after purchasing an additional 1,708,208 shares during the last quarter. Hedge funds and other institutional investors own 73.54% of the company’s stock.
In other Corning news, Director Hansel E. Tookes II sold 6,513 shares of the business’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $31.60, for a total transaction of $205,810.80. Following the completion of the transaction, the director now owns 88,946 shares of the company’s stock, valued at $2,810,693.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark S. Rogus sold 9,242 shares of the business’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total value of $296,853.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 422,449 shares of company stock valued at $12,907,983. 0.59% of the stock is owned by insiders.
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A number of analysts have recently issued reports on the stock. Drexel Hamilton reiterated a “sell” rating and issued a $17.50 price objective on shares of Corning in a report on Wednesday, July 26th. Guggenheim reiterated a “buy” rating and issued a $35.00 price objective on shares of Corning in a report on Tuesday, October 24th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Deutsche Bank AG lifted their price objective on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Finally, Citigroup Inc. lifted their price objective on shares of Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $29.28.
Corning Incorporated (GLW) traded up $0.42 during mid-day trading on Thursday, reaching $31.74. The company had a trading volume of 1,217,151 shares, compared to its average volume of 6,234,111. The firm has a market capitalization of $27,580.00, a P/E ratio of 18.22, a PEG ratio of 2.64 and a beta of 1.33. Corning Incorporated has a fifty-two week low of $23.48 and a fifty-two week high of $32.33. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. Corning’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.42 earnings per share. analysts anticipate that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is presently 26.38%.
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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