Vontobel Swiss Wealth Advisors AG lifted its position in shares of Corning Incorporated (NYSE:GLW) by 6.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 69,204 shares of the electronics maker’s stock after purchasing an additional 3,945 shares during the quarter. Corning accounts for 1.3% of Vontobel Swiss Wealth Advisors AG’s investment portfolio, making the stock its 24th largest holding. Vontobel Swiss Wealth Advisors AG’s holdings in Corning were worth $2,070,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. GLG Partners LP bought a new stake in Corning during the second quarter worth $102,000. MPS Loria Financial Planners LLC bought a new stake in Corning during the second quarter worth $112,000. Benjamin F. Edwards & Company Inc. grew its holdings in Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after buying an additional 2,650 shares in the last quarter. Central Bank & Trust Co. grew its holdings in Corning by 8.8% during the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after buying an additional 345 shares in the last quarter. Finally, Harfst & Associates Inc. grew its holdings in Corning by 44.7% during the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock worth $143,000 after buying an additional 1,481 shares in the last quarter. Institutional investors and hedge funds own 73.54% of the company’s stock.
Corning Incorporated (GLW) traded up $0.12 during mid-day trading on Tuesday, hitting $31.78. The stock had a trading volume of 1,246,435 shares, compared to its average volume of 6,260,589. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14. The company has a market cap of $27,575.19, a P/E ratio of 18.24, a price-to-earnings-growth ratio of 2.64 and a beta of 1.33. Corning Incorporated has a 12 month low of $23.30 and a 12 month high of $32.33.
The business 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 dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a yield of 1.95%. Corning’s dividend payout ratio (DPR) is 26.38%.
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In related news, insider Mark S. Rogus sold 9,242 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total transaction of $296,853.04. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Hansel E. Tookes II sold 6,513 shares of the 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 sale, the director now directly owns 88,946 shares in the company, valued at approximately $2,810,693.60. The disclosure for this sale can be found here. Insiders have sold a total of 422,449 shares of company stock worth $12,907,983 in the last three months. 0.59% of the stock is currently owned by insiders.
A number of research analysts have issued reports on GLW shares. Goldman Sachs Group, Inc. (The) downgraded Corning from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $29.00 to $26.00 in a research note on Tuesday, August 15th. Zacks Investment Research downgraded Corning from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Deutsche Bank AG upped 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. Finally, Guggenheim restated a “buy” rating and issued a $35.00 price objective on shares of Corning in a research note on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $29.28.
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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