Stillwater Capital Advisors LLC Cuts Position in Corning Inc. (GLW)
Stillwater Capital Advisors LLC lowered its position in shares of Corning Inc. (NYSE:GLW) by 0.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 505,206 shares of the company’s stock after selling 2,597 shares during the period. Corning makes up approximately 3.5% of Stillwater Capital Advisors LLC’s investment portfolio, making the stock its 9th largest position. Stillwater Capital Advisors LLC’s holdings in Corning were worth $11,948,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of GLW. Emerald Acquisition Ltd. bought a new stake in Corning during the second quarter valued at approximately $133,993,000. Bank of New York Mellon Corp boosted its stake in Corning by 32.5% in the second quarter. Bank of New York Mellon Corp now owns 19,226,863 shares of the company’s stock valued at $393,767,000 after buying an additional 4,712,631 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Corning by 59.0% in the second quarter. Ameriprise Financial Inc. now owns 10,414,273 shares of the company’s stock valued at $213,281,000 after buying an additional 3,863,933 shares in the last quarter. Chartwell Investment Partners LLC bought a new stake in Corning during the second quarter valued at approximately $20,443,000. Finally, Bank of Montreal Can bought a new stake in Corning during the second quarter valued at approximately $18,716,000. Institutional investors own 79.44% of the company’s stock.
Shares of Corning Inc. (NYSE:GLW) traded up 0.04% during mid-day trading on Friday, reaching $23.83. 4,752,072 shares of the company traded hands. The firm has a 50-day moving average price of $23.34 and a 200 day moving average price of $21.79. Corning Inc. has a 52 week low of $16.13 and a 52 week high of $24.14. The firm has a market capitalization of $22.67 billion, a price-to-earnings ratio of 12.15 and a beta of 1.32.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 25th. The company reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.04. Corning had a net margin of 25.66% and a return on equity of 10.11%. The company earned $2.51 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same period in the prior year, the firm earned $0.34 earnings per share. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, analysts anticipate that Corning Inc. will post $1.49 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, November 17th will be paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Tuesday, November 15th. Corning’s dividend payout ratio (DPR) is presently 27.84%.
Several equities research analysts have recently commented on the stock. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $26.00 target price for the company in a research report on Tuesday. Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Friday. Goldman Sachs Group Inc. reissued a “buy” rating and set a $27.00 price target on shares of Corning in a research report on Wednesday, November 2nd. Drexel Hamilton reissued a “sell” rating and set a $14.50 price target on shares of Corning in a research report on Tuesday, October 25th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Corning in a research report on Monday, October 3rd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of C$22.91.
In other Corning news, CEO Wendell P. Weeks sold 204,750 shares of the stock in a transaction dated Wednesday, October 26th. The shares were sold at an average price of C$23.07, for a total transaction of C$4,723,582.50. Following the completion of the sale, the chief executive officer now directly owns 136,500 shares of the company’s stock, valued at C$3,149,055. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Martin J. Curran sold 54,416 shares of the stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of C$22.87, for a total transaction of C$1,244,493.92. Following the sale, the vice president now directly owns 32,115 shares of the company’s stock, valued at C$734,470.05. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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