Staley Capital Advisers Inc. Cuts Position in Corning Incorporated (GLW)
Staley Capital Advisers Inc. trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,460,156 shares of the electronics maker’s stock after selling 35,692 shares during the quarter. Corning makes up approximately 3.6% of Staley Capital Advisers Inc.’s investment portfolio, making the stock its 8th biggest holding. Staley Capital Advisers Inc. owned about 0.18% of Corning worth $51,544,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of GLW. TRUE Private Wealth Advisors purchased a new position in Corning in the third quarter worth $100,000. Trustcore Financial Services LLC grew its holdings in Corning by 233.3% in the third quarter. Trustcore Financial Services LLC now owns 3,000 shares of the electronics maker’s stock worth $106,000 after purchasing an additional 2,100 shares during the last quarter. NEXT Financial Group Inc purchased a new position in Corning in the third quarter worth $117,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Corning by 16,371.4% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after purchasing an additional 4,584 shares during the last quarter. Finally, City Holding Co. purchased a new position in Corning in the second quarter worth $137,000. 70.22% of the stock is currently owned by institutional investors.
GLW has been the subject of several research reports. TheStreet upgraded shares of Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th. Guggenheim reiterated a “buy” rating on shares of Corning in a research note on Wednesday, July 25th. Citigroup upgraded shares of Corning from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $32.50 to $40.00 in a research note on Friday, September 14th. Finally, Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $38.00 price objective for the company in a research note on Thursday, August 30th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Corning has a consensus rating of “Hold” and a consensus target price of $36.00.
NYSE:GLW opened at $31.26 on Wednesday. Corning Incorporated has a 12 month low of $26.11 and a 12 month high of $36.56. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.51. The firm has a market cap of $24.94 billion, a PE ratio of 18.17, a P/E/G ratio of 2.00 and a beta of 1.28.
Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 23rd. The electronics maker reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.03. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.99 billion. During the same period in the previous year, the firm posted $0.40 earnings per share. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. On average, equities analysts predict that Corning Incorporated will post 1.77 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, November 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.30%. Corning’s payout ratio is currently 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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