Los Angeles Capital Management & Equity Research Inc. lessened its stake in Corning Incorporated (NYSE:GLW) by 13.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,356,511 shares of the electronics maker’s stock after selling 203,662 shares during the quarter. Los Angeles Capital Management & Equity Research Inc. owned about 0.16% of Corning worth $40,587,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the stock. Toronto Dominion Bank grew its position in Corning by 9.9% in the third quarter. Toronto Dominion Bank now owns 347,319 shares of the electronics maker’s stock worth $10,392,000 after acquiring an additional 31,314 shares during the period. New York State Common Retirement Fund raised its stake in shares of Corning by 4.3% in the third quarter. New York State Common Retirement Fund now owns 2,517,525 shares of the electronics maker’s stock valued at $75,324,000 after acquiring an additional 102,925 shares in the last quarter. Cobblestone Capital Advisors LLC NY raised its stake in shares of Corning by 27.9% in the third quarter. Cobblestone Capital Advisors LLC NY now owns 8,706 shares of the electronics maker’s stock valued at $260,000 after acquiring an additional 1,900 shares in the last quarter. HM Payson & Co. acquired a new stake in shares of Corning in the third quarter valued at $204,000. Finally, Sei Investments Co. raised its stake in shares of Corning by 22.2% in the third quarter. Sei Investments Co. now owns 546,661 shares of the electronics maker’s stock valued at $16,356,000 after acquiring an additional 99,318 shares in the last quarter. 73.54% of the stock is owned by hedge funds and other institutional investors.
GLW has been the topic of several analyst reports. Guggenheim reiterated a “buy” rating and issued a $35.00 price objective on shares of Corning in a research note on Tuesday, August 15th. BidaskClub upgraded Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Deutsche Bank AG increased their price objective on Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Jefferies Group LLC reiterated a “hold” rating and issued a $29.50 price objective on shares of Corning in a research note on Friday, October 6th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Corning currently has a consensus rating of “Hold” and an average price target of $29.28.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ 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 for the quarter, compared to analyst estimates of $2.59 billion. During the same quarter last year, the company posted $0.42 earnings per share. The business’s revenue was up 4.0% on a year-over-year basis. equities analysts forecast that Corning Incorporated will post 1.7 EPS for the current 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 issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio is currently 26.38%.
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In other Corning news, insider Mark S. Rogus sold 9,242 shares of Corning stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total value of $296,853.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction that occurred on Tuesday, October 31st. The shares were 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 directly owns 65,333 shares in the company, valued at approximately $2,049,496.21. The disclosure for this sale can be found here. In the last three months, insiders have sold 422,449 shares of company stock worth $12,907,983. Corporate insiders own 0.59% of the company’s stock.
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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