Corning Incorporated (GLW) Shares Sold by Associated Banc Corp
Associated Banc Corp decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 50.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,891 shares of the electronics maker’s stock after selling 62,150 shares during the period. Associated Banc Corp’s holdings in Corning were worth $1,792,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in GLW. GLG Partners LP bought a new stake in shares of Corning during the 2nd quarter valued at about $102,000. MPS Loria Financial Planners LLC bought a new stake in shares of Corning during the 2nd quarter valued at about $112,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of Corning by 241.6% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after purchasing an additional 2,650 shares in the last quarter. Central Bank & Trust Co. boosted its position in shares of Corning by 8.8% during the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after purchasing an additional 345 shares in the last quarter. Finally, Harfst & Associates Inc. boosted its position in shares of Corning by 44.7% during the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after purchasing an additional 1,481 shares in the last quarter. Institutional investors own 72.43% of the company’s stock.
GLW has been the topic of several research analyst reports. BidaskClub upgraded Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Guggenheim restated a “buy” rating and set a $35.00 target price on shares of Corning in a research report on Tuesday, October 24th. Zacks Investment Research downgraded Corning from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Susquehanna Bancshares reaffirmed a “positive” rating and set a $35.00 price target on shares of Corning in a research note on Thursday, August 24th. Finally, Citigroup upped their price target on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Corning has an average rating of “Hold” and a consensus price target of $29.28.
In other news, 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 completion of the sale, the vice president now directly owns 49,471 shares of the company’s stock, valued at $1,561,304.76. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Hansel E. Tookes II sold 6,513 shares of the stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $31.60, for a total value of $205,810.80. Following the completion of the sale, the director now directly owns 88,946 shares of the company’s stock, valued at $2,810,693.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 294,561 shares of company stock valued at $9,254,498. Company insiders own 0.59% of the company’s stock.
Corning Incorporated (NYSE:GLW) traded down $0.54 during mid-day trading on Friday, reaching $31.85. The company had a trading volume of 6,243,592 shares, compared to its average volume of 6,188,384. Corning Incorporated has a fifty-two week low of $23.52 and a fifty-two week high of $32.78. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26. The firm has a market cap of $27,680.00, a P/E ratio of 18.64, a P/E/G ratio of 2.70 and a beta of 1.33.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the prior year, the business earned $0.42 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. equities analysts predict that Corning Incorporated will post 1.7 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is presently 26.38%.
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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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