Bank of New York Mellon Corp Reduces Position in Corning Incorporated (GLW)

Bank of New York Mellon Corp cut its position in shares of Corning Incorporated (NYSE:GLW) by 1.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,623,086 shares of the electronics maker’s stock after selling 259,831 shares during the period. Bank of New York Mellon Corp owned approximately 2.03% of Corning worth $527,282,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. GLG Partners LP bought a new position in Corning during the second quarter valued at approximately $102,000. MPS Loria Financial Planners LLC bought a new position in Corning during the second quarter valued at approximately $112,000. Benjamin F. Edwards & Company Inc. boosted its stake 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 valued at $112,000 after buying an additional 2,650 shares during the last quarter. Central Bank & Trust Co. boosted its stake in Corning by 8.8% during the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after buying an additional 345 shares during the last quarter. Finally, Harfst & Associates Inc. boosted its stake in Corning by 44.7% during the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after buying an additional 1,481 shares during the last quarter. 73.54% of the stock is owned by institutional investors.

Shares of Corning Incorporated (NYSE GLW) traded up $0.04 during midday trading on Wednesday, hitting $31.70. The stock had a trading volume of 3,068,300 shares, compared to its average volume of 6,246,079. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. Corning Incorporated has a 12-month low of $23.30 and a 12-month high of $32.33. The stock has a market capitalization of $27,514.36, a P/E ratio of 18.19, a price-to-earnings-growth ratio of 2.64 and a beta of 1.33.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the prior year, the business posted $0.42 earnings per share. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. research analysts expect that Corning Incorporated will post 1.7 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be issued a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 annualized dividend and a dividend yield of 1.96%. Corning’s payout ratio is 26.38%.

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A number of equities analysts recently commented on GLW shares. BidaskClub raised Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Guggenheim reissued a “buy” rating and set a $35.00 price target on shares of Corning in a research note on Tuesday, August 15th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $35.00 price target on shares of Corning in a research note on Thursday, August 24th. Finally, Citigroup Inc. increased their price target on Corning from $30.00 to $32.00 and gave the company 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 issued a buy rating and one has assigned a strong buy rating to the company. Corning presently has an average rating of “Hold” and an average price target of $29.28.

In other Corning news, VP Christine M. Pambianchi sold 33,000 shares of the firm’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $28.56, for a total transaction of $942,480.00. Following the transaction, the vice president now directly owns 73,145 shares in the company, valued at approximately $2,089,021.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Hansel E. Tookes II sold 6,513 shares of the firm’s stock in a transaction 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 transaction, the director now owns 88,946 shares in the company, valued at $2,810,693.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 422,449 shares of company stock worth $12,907,983. Company insiders own 0.59% of the company’s stock.

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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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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