Mitsubishi UFJ Trust & Banking Corp Reduces Position in Corning Incorporated (GLW)
Mitsubishi UFJ Trust & Banking Corp lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 0.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,913,922 shares of the electronics maker’s stock after selling 6,181 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.22% of Corning worth $57,265,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in the stock. GLG Partners LP acquired a new position in Corning during the second quarter worth $102,000. Benjamin F. Edwards & Company Inc. raised its holdings in Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock worth $112,000 after buying an additional 2,650 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new position in Corning during the second quarter worth $112,000. IHT Wealth Management LLC raised its holdings in Corning by 13.4% during the second quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock worth $165,000 after buying an additional 485 shares during the last quarter. Finally, Central Bank & Trust Co. raised its holdings in Corning by 8.8% during the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after buying an additional 345 shares during the last quarter. Institutional investors own 72.43% of the company’s stock.
Several research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Corning from a “strong sell” rating to a “hold” rating in a report on Thursday, October 26th. Citigroup upped their price objective on shares of Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, October 25th. Deutsche Bank upped their price objective on shares of Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Oppenheimer restated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Finally, Guggenheim restated a “buy” rating and set a $35.00 price objective on shares of Corning in a report on Tuesday, October 24th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $29.28.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same quarter in the prior year, the business posted $0.42 EPS. The business’s revenue was up 4.0% compared to the same quarter last year. research analysts expect that Corning Incorporated will post 1.7 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be paid a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 annualized dividend and a dividend yield of 1.95%. Corning’s payout ratio is 26.38%.
In related news, VP Eric S. Musser sold 29,949 shares of the stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $31.56, for a total transaction of $945,190.44. Following the completion of the transaction, the vice president now owns 49,471 shares in the company, valued at $1,561,304.76. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Mark S. Rogus sold 9,242 shares of the stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total transaction of $296,853.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 294,561 shares of company stock valued at $9,254,498. Company insiders own 0.59% of the company’s stock.
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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