Corning Inc. (GLW) Position Raised by Oppenheimer & Co. Inc.
Oppenheimer & Co. Inc. raised its position in shares of Corning Inc. (NYSE:GLW) by 5.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 190,738 shares of the company’s stock after buying an additional 10,335 shares during the period. Oppenheimer & Co. Inc.’s holdings in Corning were worth $4,510,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the stock. Rowland & Co. Investment Counsel ADV purchased a new position in shares of Corning during the third quarter valued at approximately $111,000. Whittier Trust Co. raised its position in shares of Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock valued at $142,000 after buying an additional 154 shares during the last quarter. First Manhattan Co. raised its position in shares of Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock valued at $156,000 after buying an additional 200 shares during the last quarter. Independent Portfolio Consultants Inc. raised its position in shares of Corning by 77.3% in the third quarter. Independent Portfolio Consultants Inc. now owns 7,801 shares of the company’s stock valued at $184,000 after buying an additional 3,400 shares during the last quarter. Finally, Sunbelt Securities Inc. raised its position in shares of Corning by 5.6% in the second quarter. Sunbelt Securities Inc. now owns 9,500 shares of the company’s stock valued at $195,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 75.83% of the company’s stock.
Shares of Corning Inc. (NYSE:GLW) traded down 0.58% during trading on Wednesday, hitting $24.03. The company had a trading volume of 7,854,060 shares. The firm has a 50 day moving average of $23.39 and a 200 day moving average of $22.10. Corning Inc. has a 12-month low of $16.13 and a 12-month high of $24.46. The stock has a market cap of $22.86 billion, a PE ratio of 12.25 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, beating the consensus estimate of $0.38 by $0.04. Corning had a return on equity of 10.11% and a net margin of 25.66%. The company had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period in the prior year, the company posted $0.34 EPS. The company’s revenue was up 4.0% compared to the same quarter last year. On average, analysts forecast that Corning Inc. will post $1.49 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be paid a $0.135 dividend. The ex-dividend date is Tuesday, November 15th. This represents a $0.54 annualized dividend and a dividend yield of 2.25%. Corning’s dividend payout ratio is currently 27.84%.
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Several research analysts have recently commented on the company. Vetr upgraded 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, November 15th. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a report on Thursday, November 10th. Goldman Sachs Group Inc. reissued a “buy” rating and issued a $27.00 price target on shares of Corning in a report on Wednesday, November 2nd. Drexel Hamilton reissued a “sell” rating and issued a $14.50 price target on shares of Corning in a report on Tuesday, October 25th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Corning in a report on Monday, October 3rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $22.91.
In other news, CEO Wendell P. Weeks sold 204,750 shares of the business’s stock in a transaction that occurred on Wednesday, October 26th. The stock was sold at an average price of $23.07, for a total value of $4,723,582.50. Following the transaction, the chief executive officer now directly owns 136,500 shares of the company’s stock, valued at approximately $3,149,055. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Edward A. Schlesinger sold 6,252 shares of the business’s stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $23.57, for a total value of $147,359.64. Following the completion of the transaction, the vice president now directly owns 31,264 shares in the company, valued at $736,892.48. The disclosure for this sale can be found here. 0.60% of the stock is owned by 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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