Corning Incorporated (GLW) Shares Sold by Parametric Portfolio Associates LLC
Parametric Portfolio Associates LLC cut its stake in Corning Incorporated (NYSE:GLW) by 4.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,043,832 shares of the electronics maker’s stock after selling 174,685 shares during the period. Parametric Portfolio Associates LLC owned about 0.47% of Corning worth $120,991,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of GLW. Jennison Associates LLC bought a new position in Corning during the 3rd quarter worth about $275,460,000. Janus Henderson Group PLC grew its holdings in Corning by 4,900.2% during the 2nd quarter. Janus Henderson Group PLC now owns 5,881,755 shares of the electronics maker’s stock worth $176,747,000 after acquiring an additional 5,764,125 shares in the last quarter. Schroder Investment Management Group grew its holdings in Corning by 1,623.6% during the 2nd quarter. Schroder Investment Management Group now owns 1,330,280 shares of the electronics maker’s stock worth $40,400,000 after acquiring an additional 1,253,100 shares in the last quarter. AJO LP grew its holdings in Corning by 233.1% during the 2nd quarter. AJO LP now owns 1,462,104 shares of the electronics maker’s stock worth $43,936,000 after acquiring an additional 1,023,184 shares in the last quarter. Finally, FMR LLC grew its holdings in Corning by 160.5% during the 2nd quarter. FMR LLC now owns 1,595,315 shares of the electronics maker’s stock worth $47,939,000 after acquiring an additional 982,864 shares in the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.
Several brokerages have issued reports on GLW. Guggenheim reiterated a “buy” rating and set a $35.00 target price on shares of Corning in a report on Tuesday. Deutsche Bank increased their target price 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 reiterated a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Zacks Investment Research upgraded shares of Corning from a “strong sell” rating to a “hold” rating in a report on Thursday, October 26th. Finally, Citigroup increased their target price on shares of Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Corning has a consensus rating of “Hold” and an average target price of $29.28.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.42 earnings per share. equities research analysts predict that Corning Incorporated will post 1.7 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Thursday, November 16th were given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend was Wednesday, November 15th. Corning’s payout ratio is 26.38%.
In related news, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the transaction, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Eric S. Musser sold 29,949 shares of the stock in a transaction that occurred on 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 directly owns 49,471 shares of the company’s stock, valued at $1,561,304.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 294,561 shares of company stock valued at $9,254,498. Insiders own 0.59% of the company’s stock.
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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