Corning Incorporated (GLW) Holdings Reduced by Parkside Investments LLC
Parkside Investments LLC cut its stake in shares of Corning Incorporated (NYSE:GLW) by 1.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 114,312 shares of the electronics maker’s stock after selling 1,876 shares during the quarter. Corning accounts for approximately 2.0% of Parkside Investments LLC’s holdings, making the stock its 18th biggest position. Parkside Investments LLC’s holdings in Corning were worth $3,420,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Corning by 1.6% in the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock valued at $1,866,151,000 after acquiring an additional 965,976 shares during the period. BlackRock Inc. lifted its holdings in Corning by 1,930.0% in 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 period. Bank of New York Mellon Corp lifted its holdings in Corning by 5.7% in the second quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock valued at $537,381,000 after acquiring an additional 971,936 shares during the period. LSV Asset Management lifted its holdings in Corning by 1.3% in the second quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock valued at $391,002,000 after acquiring an additional 165,214 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Corning by 12.8% in the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock valued at $254,146,000 after acquiring an additional 1,071,544 shares during the period. 73.54% of the stock is owned by institutional investors.
A number of research analysts have recently weighed in on the company. Zacks Investment Research upgraded Corning from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 26th. Citigroup Inc. lifted their price target on Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Deutsche Bank AG lifted their price target on Corning from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Finally, Guggenheim restated a “buy” rating and issued a $35.00 price target on shares of Corning in a report on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Corning currently has a consensus rating of “Hold” and a consensus price target of $29.28.
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In other news, insider Clark S. Kinlin sold 46,763 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $28.53, for a total value of $1,334,148.39. Following the completion of the sale, the insider now owns 72,039 shares in the company, valued at $2,055,272.67. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark S. Rogus sold 9,242 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total value of $296,853.04. The disclosure for this sale can be found here. Insiders have sold a total of 422,449 shares of company stock valued at $12,907,983 in the last quarter. 0.59% of the stock is currently owned by insiders.
Corning Incorporated (GLW) traded down $0.06 during mid-day trading on Monday, reaching $31.73. The company’s stock had a trading volume of 3,346,200 shares, compared to its average volume of 6,274,542. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26. Corning Incorporated has a 52 week low of $23.11 and a 52 week high of $32.33. The stock has a market cap of $27,575.19, a P/E ratio of 18.24, a PEG 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, beating the Zacks’ 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 business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the previous year, the business earned $0.42 EPS. The business’s quarterly revenue was up 4.0% on a year-over-year basis. equities research analysts anticipate that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be paid 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 1.95%. Corning’s payout ratio is currently 26.38%.
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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