QCI Asset Management Inc. NY reduced its position in Corning Incorporated (NYSE:GLW) by 3.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 581,599 shares of the electronics maker’s stock after selling 20,536 shares during the period. Corning makes up 1.9% of QCI Asset Management Inc. NY’s investment portfolio, making the stock its 5th largest holding. QCI Asset Management Inc. NY owned about 0.07% of Corning worth $17,401,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. New York State Common Retirement Fund lifted its holdings in shares of Corning by 4.3% in the 3rd quarter. New York State Common Retirement Fund now owns 2,517,525 shares of the electronics maker’s stock worth $75,324,000 after purchasing an additional 102,925 shares in the last quarter. Cobblestone Capital Advisors LLC NY lifted its holdings in shares of Corning by 27.9% in the 3rd quarter. Cobblestone Capital Advisors LLC NY now owns 8,706 shares of the electronics maker’s stock worth $260,000 after purchasing an additional 1,900 shares in the last quarter. HM Payson & Co. bought a new position in shares of Corning in the 3rd quarter worth $204,000. Sei Investments Co. lifted its holdings in shares of Corning by 22.2% in the 3rd quarter. Sei Investments Co. now owns 546,661 shares of the electronics maker’s stock worth $16,356,000 after purchasing an additional 99,318 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its holdings in shares of Corning by 56.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 758,090 shares of the electronics maker’s stock worth $22,682,000 after purchasing an additional 272,179 shares in the last quarter. Institutional investors own 73.54% of the company’s stock.
Shares of Corning Incorporated (GLW) traded down $0.06 during trading on Monday, hitting $31.73. The stock had a trading volume of 3,346,200 shares, compared to its average volume of 6,274,542. Corning Incorporated has a 1 year low of $23.11 and a 1 year high of $32.33. The stock has a market cap of $27,575.19, a price-to-earnings ratio of 18.24, a PEG ratio of 2.64 and a beta of 1.33. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same period last year, the firm posted $0.42 EPS. The business’s revenue was up 4.0% compared to the same quarter last year. equities analysts forecast that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be issued a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is currently 26.38%.
A number of equities analysts recently issued reports on the company. Zacks Investment Research upgraded Corning from a “strong sell” rating to a “hold” rating in a report on Thursday, October 26th. Citigroup Inc. increased their price target on Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, October 25th. Deutsche Bank AG increased their price target on Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Finally, Guggenheim reissued a “buy” rating and issued a $35.00 price target on shares of Corning in a research report on Tuesday, October 24th. Two investment 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. Corning presently has a consensus rating of “Hold” and an average target price of $29.28.
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In related news, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the sale, the chief executive officer now owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Hansel E. Tookes II sold 6,513 shares of Corning stock in a transaction dated 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 approximately $2,810,693.60. The disclosure for this sale can be found here. In the last three months, insiders sold 422,449 shares of company stock valued at $12,907,983. 0.59% of the stock is currently owned by insiders.
Corning Company Profile
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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