Kiwi Wealth Investments Limited Partnership boosted its position in shares of Corning Incorporated (NYSE:GLW) by 28.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 128,544 shares of the electronics maker’s stock after acquiring an additional 28,794 shares during the quarter. Kiwi Wealth Investments Limited Partnership’s holdings in Corning were worth $3,846,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of GLW. BlackRock Inc. increased its position in Corning by 1,930.0% during the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after acquiring an additional 54,041,176 shares during the last quarter. Jennison Associates LLC purchased a new stake in Corning in the third quarter worth about $275,460,000. Janus Henderson Group PLC increased its position in Corning by 4,900.2% in the second quarter. Janus Henderson Group PLC now owns 5,881,755 shares of the electronics maker’s stock worth $176,747,000 after buying an additional 5,764,125 shares in the last quarter. Janus Capital Management LLC increased its position in Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock worth $152,763,000 after buying an additional 2,127,260 shares in the last quarter. Finally, Gotham Asset Management LLC increased its position in Corning by 17,844.0% in the first quarter. Gotham Asset Management LLC now owns 1,717,781 shares of the electronics maker’s stock worth $46,380,000 after buying an additional 1,708,208 shares in the last quarter. Institutional investors own 73.54% of the company’s stock.
In other news, insider Mark S. Rogus sold 9,242 shares of the 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 filing with the SEC, which is available through this hyperlink. Also, Director Hansel E. Tookes II sold 6,513 shares of the stock in a transaction that occurred 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 completion of the sale, 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 90 days, insiders have sold 422,449 shares of company stock worth $12,907,983. Company insiders own 0.59% of the company’s stock.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business 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 quarterly revenue was up 4.0% compared to the same quarter last year. equities research analysts expect that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a dividend of $0.155 per share. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a yield of 1.96%. Corning’s dividend payout ratio (DPR) is presently 26.38%.
A number of analysts have commented on GLW shares. BidaskClub upgraded Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Guggenheim restated a “buy” rating and issued a $35.00 price target on shares of Corning in a research report on Tuesday, August 15th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $35.00 price target on shares of Corning in a research report on Thursday, August 24th. Finally, Citigroup Inc. upped their price target on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $29.28.
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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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