Corning Incorporated (GLW) Position Cut by Arrow Investment Advisors LLC
Arrow Investment Advisors LLC lowered its holdings in shares of Corning Incorporated (NYSE:GLW) by 9.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,231 shares of the electronics maker’s stock after selling 1,614 shares during the quarter. Arrow Investment Advisors LLC’s holdings in Corning were worth $486,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Corning by 1.6% during the 2nd 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. Bank of New York Mellon Corp boosted its holdings in Corning by 5.7% during the 2nd 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 boosted its holdings in Corning by 1.3% during the 2nd 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. Jennison Associates LLC purchased a new stake in shares of Corning in the 3rd quarter worth $275,460,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 1.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,033,734 shares of the electronics maker’s stock worth $241,442,000 after buying an additional 84,743 shares during the period. Institutional investors own 72.78% of the company’s stock.
Shares of Corning Incorporated (NYSE GLW) traded down $0.13 during trading hours on Thursday, reaching $31.80. The company had a trading volume of 3,092,341 shares, compared to its average volume of 6,183,463. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26. The firm has a market cap of $27,749.00, a price-to-earnings ratio of 18.35, a P/E/G ratio of 2.66 and a beta of 1.33. Corning Incorporated has a 12 month low of $23.48 and a 12 month high of $32.33.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. The company’s revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.42 earnings per share. equities analysts predict that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Wednesday, November 15th. Corning’s dividend payout ratio is presently 26.38%.
In other news, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total value of $7,806,644.09. Following the transaction, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at $2,049,496.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total value of $1,376,856.25. Following the completion of the transaction, the insider now directly owns 136,079 shares in the company, valued at $3,893,220.19. The disclosure for this sale can be found here. Insiders sold 375,686 shares of company stock worth $11,573,835 over the last three months. Corporate insiders own 0.59% of the company’s stock.
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Several equities research analysts have weighed in on the company. Zacks Investment Research upgraded Corning from a “strong sell” rating to a “hold” rating in a report on Thursday, October 26th. Citigroup Inc. upped their target price on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, October 25th. Deutsche Bank AG upped their target price on Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Finally, Guggenheim reiterated a “buy” rating and issued a $35.00 target price 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 issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $29.28.
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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