Strategy Asset Managers LLC Reduces Position in Corning Incorporated (GLW)

Strategy Asset Managers LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 21.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 307,730 shares of the electronics maker’s stock after selling 81,935 shares during the quarter. Corning makes up approximately 2.2% of Strategy Asset Managers LLC’s investment portfolio, making the stock its 11th largest position. Strategy Asset Managers LLC’s holdings in Corning were worth $10,863,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Corning by 0.8% during the second quarter. BlackRock Inc. now owns 55,077,324 shares of the electronics maker’s stock worth $1,515,178,000 after purchasing an additional 451,656 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Corning by 5.3% during the second quarter. Bank of New York Mellon Corp now owns 12,247,720 shares of the electronics maker’s stock worth $336,934,000 after purchasing an additional 617,467 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Corning by 20.2% during the second quarter. Janus Henderson Group PLC now owns 5,868,673 shares of the electronics maker’s stock worth $161,450,000 after purchasing an additional 986,397 shares in the last quarter. Swiss National Bank increased its position in shares of Corning by 1.8% during the second quarter. Swiss National Bank now owns 2,837,612 shares of the electronics maker’s stock worth $78,063,000 after purchasing an additional 49,400 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Corning by 4.1% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,833,559 shares of the electronics maker’s stock worth $77,951,000 after purchasing an additional 110,972 shares in the last quarter. Hedge funds and other institutional investors own 70.31% of the company’s stock.

Several analysts have issued reports on GLW shares. TheStreet upgraded Corning from a “c+” rating to a “b” rating in a report on Wednesday, July 25th. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Guggenheim restated a “buy” rating on shares of Corning in a report on Wednesday, July 25th. Citigroup upgraded Corning from a “neutral” rating to a “buy” rating and upped their target price for the company from $32.50 to $40.00 in a report on Friday, September 14th. Finally, Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a report on Thursday, August 30th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $35.89.

Shares of NYSE:GLW opened at $32.91 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.51. The firm has a market capitalization of $26.34 billion, a price-to-earnings ratio of 19.13, a P/E/G ratio of 2.12 and a beta of 1.28. Corning Incorporated has a 52-week low of $26.11 and a 52-week high of $36.56.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. The business had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.99 billion. Corning had a positive return on equity of 13.22% and a negative net margin of 5.86%. The company’s revenue was up 15.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.40 EPS. As a group, equities analysts expect that Corning Incorporated will post 1.77 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Thursday, November 15th. Corning’s dividend payout ratio is presently 41.86%.

In other news, VP Eric S. Musser sold 18,225 shares of the stock in a transaction on Monday, August 27th. The stock was sold at an average price of $33.45, for a total transaction of $609,626.25. Following the completion of the transaction, the vice president now directly owns 59,815 shares in the company, valued at approximately $2,000,811.75. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $36.18, for a total value of $1,109,532.06. Following the transaction, the insider now owns 146,049 shares of the company’s stock, valued at $5,284,052.82. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,892 shares of company stock valued at $2,087,018. Company insiders own 0.46% of the company’s stock.

Corning Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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